Hub Q3 Results Miss Estimates

(RTTNews) - Hub Group, Inc. (HUBG) reported net income for the third quarter of $4.5 million or $0.12 per share, compared to $18.6 million or $0.50 per share for the year-ago quarter.

Excluding $10.3 million for driver settlements and related costs and a non-cash impairment charge of $11.9 million associated with the write off of software development costs, adjusted earnings per share for the latest quarter was $0.49.

Revenue for the third quarter increased 3% to $913.39 million from $882.98 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.54 per share on revenue of $921.24 million for the third quarter. Analysts' estimates typically exclude special items.

Hub's Board of Directors yesterday authorized the purchase of up to $75 million of the company's Class A common stock. The authorization expires December 31, 2015.