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EX - 99.1 2 exh_991.htm PRESS RELEASE Hub Group , Inc. Reports First Quarter 2021 Results EXHIBIT 99.1 Highlights : • Strong freight market conditions and continued growth with strategic customers led to 10 % revenue growth in the quarter despite weather challenges in February • Revenue growth and focus on operating efficiency resulted in first quarter net income of $ 17 million or $ 0.51 of diluted earnings per share • Generated EBITDA ( non - GAAP ) ¹ of $ 56 million in the quarter , with over $ 226 million in cash and cash equivalents at quarter end • Celebrated our 50th anniversary on April 19th OAK BROOK , Ill . , May 05 , 2021 ( GLOBE NEWSWIRE ) -- Hub Group , Inc. ( NASDAQ : HUBG ) announced first quarter 2021 net income of $ 17.2 million , or diluted earnings per share of $ 0.51 . Net income for first quarter 2020 was $ 13.2 million , or $ 0.40 per diluted share . " Strong freight market conditions , growth with our strategic customers , and our focus on providing a world - class customer experience resulted in 10 % revenue growth in the quarter . Hub Group is well positioned for 2021 and beyond due to demand in the marketplace for high service levels and cost - effective solutions . In April we celebrated our 50th anniversary , and I want to thank all who have been part of this outstanding accomplishment , including our customers , employees , drivers , vendors , and carriers . We are excited about the future and look forward to the next 50 years , " said Dave Yeager , Hub Group's Chairman and Chief Executive Officer . Q1 2021 Results Revenue for the first quarter of 2021 increased by 10 % to $ 920 million compared with $ 839 million for the first quarter of 2020. Operating income for the quarter was $ 24 million versus $ 20 million for the first quarter of 2020 . Revenue growth in the first quarter , combined with our ongoing focus on cost control , led to EBITDA¹ ( non - GAAP ) of $ 56 million . First quarter intermodal revenue increased 6 % to $ 506 million due to a 2 % increase in volume and a 4 % increase in revenue per load . We estimate that winter storms impacted our volume growth by oximately 600 basis Intermodal gross margin declined compared to the prior year due to increased purchased transportation costs , the impact of winter storms and higher equipment repositioning costs , partially offset by volume growth and higher prices . First quarter logistics revenue increased 8 % to $ 217 million due to growth of our retail supplier solutions services and the addition of NonstopDelivery ( NSD " ) , partially offset by the impact of lost customers . Gross margin increased due to actions we have taken to drive improved profitability , higher revenue and the acquisition of NSD , partially offset by higher warehousing costs . Truck brokerage revenue grew 30 % in the quarter to $ 127 million despite a 6 % decline in volume . Contractual freight represented 51 % of total brokerage volume in the first quarter of 2021 as compared to 64 % in 2020. Truck brokerage gross margin increased relative to first quarter 2020 due to revenue per load growth in both contractual and transactional freight , partially offset by the impact of higher purchased transportation costs . Dedicated revenue increased 11 % compared to the prior year to $ 69 million due to growth from existing and new customers , partially offset by the impact of business we exited . Dedicated gross margin increased primarily due to our profit improvement actions and growth in revenue , partially offset by higher driver costs .