Hub Group Q1 Profit Down - Update

(RTTNews) - Transport management company Hub Group Inc. (HUBG), Thursday reported a drop in profit for the first quarter despite a double-digit revenue growth, as expenses escalated due to the harsh winter weather.

Commenting on the results, Chief Executive David Yeager said, "The first quarter of 2014 was marked by a truly challenging operating environment due to the extreme weather in many markets. While this negatively impacted our financial results, we are pleased with the way our organization responded to these challenges."

Oak Brook, Illinois-based Hub Group's first-quarter profit dropped to $12.0 million or $0.33 per share from $15.4 million or $0.42 per share last year. On average, 17 analysts polled by Thomson Reuters expected earnings of $0.36 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the first quarter grew 10 percent to $848.45 million from $768.98 million last year. Twelve analysts had a consensus revenue estimate of $839.01 million for the quarter.

Transportation costs for the quarter increased to $759.7 million from $681.6 million last year. Salaries increased to $37.1 million from $34.6 million a year ago.

HUBG closed Thursday's trading at $42.86, up $0.45 or 1.06%, on the Nasdaq. The stock, however dropped $0.01 or 0.02% in after-hours trade.