Roadrunner Reports 2Q Loss in First Public Statement
鈥楶ro-Forma鈥 Results Positive as LTL Sector Shows Improvement
[Stay on top of transportation news: .]
Roadrunner Transportation Systems, which went public in May, released its first public earnings statement late Wednesday, saying it posted a second-quarter loss,听though its trucking sectors showed improvement.
The company reported a loss of $6.4 million, or 25 cents a share.
Roadrunner also reported 鈥減ro-forma鈥 results that showed operating income of $9.5 million for the quarter. The figures showed what the company would have earned if its acquisition of a logistics company had taken place on Jan. 1, rather than in May.
Roadrunner, RRTS on the New York Stock Exchange, bought third-party logistics provider Group Transportation Services Holdings in May when it went public.
Roadrunner has three operating segments: less-than-truckload, truckload brokerage and transportation management solutions.
The LTL segment鈥檚 operating income was $7.1 million, up from $3.5 million. Revenue was $106.3 million, up from with $80.7 million in the second quarter of 2009. Tonnage rose 25.5%.
Truckload operating income was $1.5 million, up from $1.2 million a year ago. Revenue rose to $37.6 million, from $33.3 million.
Transportation management segment operating income was $1.3 million, up from $300,000. Revenue rose to $16.5 million, from $6.8 million.
