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Dec 31, 2022
Radiant Logistics Q2 2023 Earnings Report
Radiant Logistics' financial results for Q2 2023 were announced, revealing a mix of decreased revenues but increased gross profit compared to the previous year.
Key Takeaways
Radiant Logistics reported a decrease in revenues to $278.1 million, a 17.2% decrease compared to the prior year. However, gross profit increased to $70.4 million, a 3.8% increase year-over-year. Net income attributable to Radiant Logistics, Inc. decreased to $4.8 million, or $0.10 per share.
Revenues decreased by 17.2% to $278.1 million.
Gross profit increased by 3.8% to $70.4 million.
Net income attributable to Radiant Logistics, Inc. decreased to $4.8 million, or $0.10 per share.
Adjusted EBITDA margin decreased to 20.7%.
Radiant Logistics
Radiant Logistics
Forward Guidance
The company anticipates a return to more normalized levels and growth rates due to signs of a slowing economy, while remaining optimistic about fiscal year 2023 and beyond, leveraging its technology and network.
Positive Outlook
- Well positioned with a durable, diverse service offering.
- Strong balance sheet to support customers.
- Continued execution upon broader strategic initiatives.
- Optimistic about prospects for fiscal year 2023 and beyond.
- Leveraging best-in-class technology.
Challenges Ahead
- Seeing signs of a slowing economy.
- Expect operations to return to more normalized levels and growth rates in coming quarters.
- Potential adverse legal, reputational and financial effects on the Company resulting from the ransomware incident or future cyber incidents
- Commercial, reputational and regulatory risks to our business that may arise as a consequence of our need to restate our financial statements
- Any disruption to our business that may occur on a longer-term basis should we be unable to remediate during fiscal 2023 certain material weaknesses in our internal controls over financial reporting