Hub Group Q1 Profit Down

(RTTNews) - Hub Group Inc. (HUBG) reported first quarter 2020 net income of $13.2 million or $0.40 per share, down from $23.9 million, or $0.71 per share for the first quarter 2019.

The latest-quarter results included in net income was $2.5 million, or $0.07 per share, of severance expense ($1.6 million), consulting expense ($0.7 million) and donation expense ($0.2 million).

Operating income for the quarter was $19.8 million versus $35.6 million for first quarter 2019. Operating income included $3.3 million of expenses for severance, consulting and donations.

Capital expenditures for the remainder of fiscal year 2020 are expected to range from $50 million to $80 million, and primarily consist of investments in tractors, trailers and containers to support growth in our business, as well as IT hardware and software.

Revenue for the first quarter of 2020 decreased by 10% to $839 million compared with $933 million for first quarter 2019.