The third party logistics and multi-modal transportation services company Radiant Logistics Inc. (NYSE: RLGT) reported on Monday it swung from a profit to a loss in the first quarter of the year despite a 54.2% increase in net revenue, but adjusted earnings beat expectations.
The net loss totaled $2.2 million, or 5 cents per share, compared to net income a year earlier of $800,000, or 2 cents per share.
Adjusted net income, which includes non-recurring items, was $1.8 million, or 4 cents per share, versus net income of $1.4 million, or 4 cents per share a year earlier. The per-share performance exceeded expectations of adjusted net income of 1 cent per share, according to a consensus estimate from Zacks Investment Research.
Net revenue increased to $41.8 million from $27.1 million a year earlier while total revenue, which includes the cost of transportation, hit $173.3 million compared to $102.3 million in the 2015 quarter.
“We are very pleased to report another record quarter in what was a generally soft freight environment in our seasonally slowest quarter,” said Bohn Crain, founder and CEO.
He said the Washington-state-based company has updated its guidance for fiscal 2016, which is up at the end of June, to reflect the retirement of $25 million debt with normalized adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in the range of $27.5 to $29.5 million on revenue of $788.9 to $829.1 million.
“This equates to adjusted net income attributable to common shareholders in the range of $7.8 million to $9.1 million, or 16 cents to 18 cents per basic and fully diluted share,” Crain said.
For the nine months ended March 31, Radiant reported a net loss attributable to common stockholders of $4.9 million on $598.9 million of revenue, or 10 cents per share. This compares to net income of $2.2 million on $306.4 million of revenue, or 6 cents per share, a year earlier.
Radiant’s report follows most publicly owned trucking and related services providers already reporting first quarter earnings. For a rundown of these most recent results follow this link.
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