Hub Group has reported record income for the quarter ended September 30, 2007 of $16.6 million, up 23% over the prior year quarter. Revenue dropped by 3.3% to $417.8 million (Q3 2006: $432m).
While Q3 logistics revenue was up 4.1% to $37.4 million, intermodal revenue dropped 4.9% to $303.3 million, and truck brokerage revenue was flat at $77.1 million.
Hub Group also announced that it has terminated its planned acquisition of DNJ Transportation.
Hub Group’s subsidiary, Comtrak Logistics, announced in September that it had entered into a definitive agreement to acquire DNJ’s assets for around $12.1 million.
The transaction, which was expected to close around the beginning of October, was subject to certain conditions and approvals, several of which were not met.
This is the second acquisition deal that Hub Group has terminated recently. In July this year, the company pulled out of its agreement to acquire Interdom Partners.
While Q3 logistics revenue was up 4.1% to $37.4 million, intermodal revenue dropped 4.9% to $303.3 million, and truck brokerage revenue was flat at $77.1 million.
Hub Group also announced that it has terminated its planned acquisition of DNJ Transportation.
Hub Group’s subsidiary, Comtrak Logistics, announced in September that it had entered into a definitive agreement to acquire DNJ’s assets for around $12.1 million.
The transaction, which was expected to close around the beginning of October, was subject to certain conditions and approvals, several of which were not met.
This is the second acquisition deal that Hub Group has terminated recently. In July this year, the company pulled out of its agreement to acquire Interdom Partners.