Freight transportation and logistics provider Hub Group on Thursday reported a steep decline in its third quarter profit.
The Illinois-based operation reported income of $4.5 million compared to $18.6 million in the third quarter of 2013, with diluted earnings per share of 12 cents compared to 50 cents a year earlier.
Hub Group's revenue increased 3% from a year earlier to $913 million.
The company said its pre-tax income included one-time costs of $10.3 million for driver settlements and related costs and a non-cash impairment charge of $11.9 million associated with the write off of software development costs. Without the effect of these items Hub said earning per share were 49 cents for the most recent quarter.
This follows Hub’s board of directors on Wednesday authorizing the purchase of up to $75 million of the company’s Class A common stock. The authorization expires December 31, 2015. Hub said it intends to make purchases from time to time as market conditions warrant and to hold the repurchased shares in treasury for future use.
Detailed numbers can be found on the Hub Group’s website.