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Mar 31, 2024
Radiant Logistics Q3 2024 Earnings Report
Radiant Logistics' financial performance declined due to difficult freight markets, but showed sequential improvement throughout the quarter and strategic acquisitions were made.
Key Takeaways
Radiant Logistics reported a decrease in revenue and profitability for Q3 2024 compared to the prior year, impacted by weak freight demand and excess capacity. However, the company saw sequential improvement throughout the quarter and completed strategic acquisitions to strengthen its service offerings. The company remains debt-free with a strong balance sheet.
Revenues decreased by 24.4% to $184.6 million due to challenging freight market conditions.
Net loss attributable to Radiant Logistics, Inc. was $0.7 million, or $0.02 loss per share.
Adjusted EBITDA decreased by 55.2% to $5.2 million.
The company acquired Select Logistics, Inc. and Select Cartage, Inc. in February 2024 and Viking Worldwide, Inc. in April 2024.
Forward Guidance
Radiant Logistics anticipates sequential quarterly improvement as markets normalize, leveraging a strong balance sheet for strategic acquisitions and stock buy-backs to drive profitable growth and shareholder value.
Positive Outlook
- Expects sequential quarterly improvement as markets normalize.
- Well-positioned to navigate slower freight markets.
- Focused on profitable growth through organic and acquisition initiatives.
- Strong balance sheet with $31.2 million cash on hand and nothing drawn on credit facility.
- Recent acquisitions expected to solidify service offerings.
Challenges Ahead
- Results reflect difficult freight markets being experienced by the entire industry.
- Extended period of weak freight demand and excess capacity negatively impacted results.
- Year-over-year comparison to record results for prior year period is difficult.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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