Hub Group Inc, a non-asset based freight management company, reported a record first quarter—a 99.6% increase in first-quarter net income versus the first quarter of 2003. Hub Group earned net income of $2.7 million for the quarter ended March 31, 2004, compared with 2003’s first-quarter net income of $1.4 million.
Transportation-related revenue generated by the company’s intermodal, truckload brokerage, and logistics business units was up 2.4% or $7.4 million in the first quarter of 2004 versus the first quarter of 2003. Intermodal revenue advanced 1.1% to $230.5 million, truckload brokerage revenue rose 0.7% to $51.0 million, and logistics revenue climbed 12.5% to $39.7 million. Hub Group Distribution Services revenue decreased 54.1% to $7.1 million in 2004 from $15.5 million in 2003.