Cudahy-based Roadrunner Transportations Systems Inc. reported second quarter net income of $14.8 million, or 38 cents per share, up from $14 million, or 37 cents per share, in the second quarter of 2013.
Revenues were $460.2 million, up 38.6 percent from $331.9 million in the same period a year ago.
The asset-light transportation and logistics service provider attributed the revenue increase to organic and strategic growth.
Truckload Logistics revenues were up 43.1 percent to $230.8 million in the quarter due to increased load growth, increased utilization of the TL brokerage agent network and the acquisitions of Wando Trucking, TA Drayage, G.W. Palmer Logistics, Yes Trans and Rich Logistics. Transportation Management Solutions revenues were up 203.4 percent to $81.8 million on the acquisitions of Adrian Carriers, Marisol International and Unitrans. And Less-than-Truckload revenues were up 2.5 percent to $150.2 million.
“We were pleased with our second quarter results for revenue and operating income in our Truckload Logistics and Transportation Management Solutions segments, which had record revenue and operating income for the quarter,” said Mark DiBlasi, president and chief executive officer. “Our TL segment surpassed its previous record quarter for revenue by 19 percent and its previous record quarter for operating income by 34.2 percent. Our TMS segment surpassed its previous record quarter for revenue by 44.5 percent and its previous record quarter for operating income by 31.4 percent. Our Less-Than-Truckload business is undergoing a transition phase and shift in freight mix that impacted our LTL operating results for the first half of 2014. We are optimistic that the changes and leadership transition we are undergoing in LTL will set the stage for long-term growth in this core segment. Overall, organic and acquisition growth led to a 38.6 percent increase in second quarter 2014 revenues and a 15.7 percent improvement in EBITDA.”