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Mar 31, 2021
Hub Group Q1 2021 Earnings Report
Hub Group reported first quarter results with revenue growth and increased profitability.
Key Takeaways
Hub Group's first quarter 2021 saw a 10% increase in revenue to $920 million, driven by strong freight market conditions and strategic customer growth. Net income rose to $17.2 million, or $0.51 per diluted share, compared to $13.2 million, or $0.40 per diluted share, in the first quarter of 2020.
Revenue increased by 10% to $920 million compared to the first quarter of 2020.
Net income was $17.2 million, or $0.51 per diluted share.
Intermodal revenue increased 6% to $506 million.
Truck brokerage revenue grew 30% to $127 million.
Forward Guidance
Hub Group expects diluted earnings per share to range from $3.20 to $3.40 for 2021. Revenue is estimated to grow in the mid-teens percentage range, and gross margin as a percentage of revenue is expected to range from 12.5% to 13.0%.
Positive Outlook
- Diluted earnings per share will range from $3.20 to $3.40.
- Revenue will grow in the mid-teens percentage range.
- Gross margin as a percentage of revenue will range from 12.5% to 13.0%.
- Expect to add 3,000 containers, resulting in net growth of approximately 2,750 after retirements.
- Planning to add approximately 700 tractors to replace older units and support growth in our drayage and dedicated fleets.
Challenges Ahead
- Costs and expenses will range from $365 million to $380 million for the year.
- Effective tax rate for 2021 will range from 24% to 25%.
- Capital expenditures for fiscal year 2021 to range from $165 to $175 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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