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EX - 99.1 2 exh_991.htm PRESS RELEASE Hub Group , Inc. Reports Second Quarter 2021 Results EXHIBIT 99.1 Highlights : • Strong freight market conditions and continued growth with strategic customers led to 26 % revenue growth in the quarter , with growth across all lines of business • Gross margin increase of 12 % , combined with continued focus on operating efficiency , resulted in second quarter net income of $ 27 million or $ 0.78 of diluted earnings per share , which represents year - on - year growth of 102 % • Generated EBITDA ( non - GAAP ) ¹ of $ 69 million in the quarter , with over $ 246 million in cash and cash equivalents at quarter end • Continued to provide innovative solutions to our customers ; Hub was recognized by Inbound Logistics as the # 2 on the Top 10 3PL list and a Green Supply Chain Partner • Increased expected full year 2021 diluted earnings per share to $ 3.50 - $ 3.70 OAK BROOK , Ill . , July 29 , 2021 ( GLOBE NEWSWIRE ) -- Hub Group , Inc. ( NASDAQ : HUBG ) announced second quarter 2021 net income of $ 26.6 million , or diluted earnings per share of $ 0.78 . Net income for second quarter 2020 was $ 13.2 million , or $ 0.39 per diluted share . " Unprecedented freight market conditions , combined with our drive to provide a world - class customer experience resulted in 26 % revenue growth in the quarter . Our continued focus on yield improvement and operating efficiency led to diluted EPS of $ 0.78 in the second quarter which is double the prior year . We are honored to once again be named # 2 on Inbound Logistics ' Top 10 3PL list for the second consecutive year . In addition , we were recently recognized for our contribution to sustainability in the supply chain by Inbound Logistics , Food Logistics and EcoVadis , " said Dave Yeager , Hub Group's Chairman and Chief Executive Officer . Second Quarter 2021 Results Revenue for the second quarter of 2021 increased by 26 % to $ 981 million compared with $ 779 million for the second quarter of 2020. Operating income for the quarter was $ 37 million versus $ 21 million for the second quarter of 2020 . EBITDA¹ ( non - GAAP ) for the second quarter was $ 69 million . Second quarter intermodal revenue increased 23 % to $ 550 million due to a 7 % increase in volume and a 15 % increase in revenue per load . Intermodal gross margin increased compared to the prior year as higher prices , cost recovery and volume growth more than offset increased purchased transportation costs and higher equipment repositioning costs . Second quarter logistics revenue increased 25 % to $ 222 million due to growth of our retail supplier solutions services and the addition of NonstopDelivery ( “ NSD " ) , partially offset by the impact of customers lost during the pandemic . Gross margin increased due to revenue growth , the acquisition of NSD and higher prices , partially offset by higher warehousing and transportation costs . Truck brokerage revenue grew 62 % in the quarter to $ 140 million due to a 55 % increase in revenue per load and 5 % volume growth . Contractual freight represented 51 % of total brokerage volume in the second quarter of 2021 as compared to 64 % in 2020. Truck brokerage gross margin increased relative to second 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 1 % 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 decreased primarily due to higher maintenance , repair and purchased transportation expenses , that was not fully offset by growth in revenue .