Page 1

EXHIBIT 99.1 Hub Group , Inc. Reports Third Quarter 2021 Results Highlights : • Record quarterly revenue of $ 1.1 billion , up 16 % as compared to last year , driven by strong demand conditions and the benefits of our continued investment in the business • Record gross margin of $ 158 million ( 14.7 % of revenue ) driven by favorable pricing and yield improvement , combined with our continued focus on operating efficiency , resulted in third quarter operating income margin of 5.6 % of revenue • Record net income of $ 43 million or $ 1.28 of diluted earnings per share ( EPS ) , which represents year - on - year growth of 73 % ⚫ Generated EBITDA ( non - GAAP ) ¹ of $ 92 million in the quarter • Expanded our brokerage and refrigerated transportation offerings through the acquisition of Choptank Transport in October • Increased expected full year 2021 diluted earnings per share to $ 3.90 - $ 4.00 OAK BROOK , Ill . , Oct. 28 , 2021 ( GLOBE NEWSWIRE ) -- Hub Group , Inc. ( NASDAQ : HUBG ) announced third quarter 2021 net income of $ 43 million , or diluted earnings per share of $ 1.28 . Net income for third quarter 2020 was $ 25 million , or $ 0.74 per diluted share . “ Continued strong freight demand and favorable market conditions , combined with our drive to provide a world - class customer experience , resulted in 16 % revenue growth in the quarter compared to Q3 2020. Our ongoing focus on yield improvement and operating efficiency led to record profitability . We reported record quarterly diluted EPS of $ 1.28 , which represents growth of 73 % as compared to the prior year . Finally , we are very excited about the additional scale and expanded service offerings from our recent acquisition of Choptank Transport , ” said Dave Yeager , Hub Group's Chairman and Chief Executive Officer . Third Quarter 2021 Results Revenue for the third quarter of 2021 increased by 16 % to $ 1.1 billion compared with $ 925 million for the third quarter of 2020 . Operating income for the quarter was $ 60 million ( 5.6 % of revenue ) versus $ 34 million ( 3.7 % of revenue ) for the third quarter of 2020. EBITDA ( non - GAAP ) ¹ for the third quarter was $ 92 million . Third quarter intermodal revenue increased 17 % to $ 633 million due to a 26 % increase in revenue per load , partially offset by an 8 % decline in volume due to ongoing challenges with congestion across the supply chain . Intermodal gross margin increased compared to the prior year as higher prices and cost recovery more than offset increased purchased transportation costs and lower volume . Third quarter logistics revenue increased 17 % to $ 224 million due to growth of our retail supplier solutions services and from the addition of our final mile business in December 2020. Gross margin increased due to revenue growth , yield management initiatives and the acquisition of final mile , partially offset by higher warehousing and transportation costs . Truck brokerage revenue grew 28 % in the quarter to $ 153 million due to a 31 % increase in revenue per load partially offset by a 3 % decline in volume . Contractual freight represented 51 % of total brokerage volume in the third quarter of 2021 as compared to 61 % in 2020. Gross margin increased relative to third 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 decreased 7 % compared to the prior year to $ 64 million due to declines from existing customers and the impact of business we exited , partially offset by growth with new customers . Dedicated gross margin decreased primarily due to lower revenue , higher insurance and claims , and maintenance and repair expenses . Costs and expenses increased to $ 98 million in the third quarter of 2021 due primarily to higher variable compensation expense , operating costs of our final mile acquisition , expenses related to legal settlements , and costs related to the acquisition of Choptank Transport ( “ Choptank ” ) , partially offset by higher gains on the sale of equipment . Capital expenditures for the third quarter of 2021 totaled $ 58 million . At September 30 , 2021 , we had cash and cash equivalents of $ 231 million . In October we acquired Choptank for approximately $ 130 million in cash and in connection with the acquisition we issued $ 20 million of restricted stock to Choptank's owners and senior management team . 2021 Outlook We expect that our 2021 diluted earnings per share will range from $ 3.90 to $ 4.00 . We estimate revenue will grow in the high- teens percentage range for 2021 , and that gross margin as a percentage of revenue will range from 13.3 % to 13.7 % . We estimate our costs and expenses will range from $ 365 to $ 375 million for the year . We project our effective tax rate for the fourth quarter will be approximately 24 % .