Hub Group Inc. said its net income fell in the fourth quarter of 2013 but increased in the full year.
Hub saw a profit of $16.5 million in the quarter, or 45 cents a share, compared with the previous year’s $18.8 million, or 51 cents, it said Jan. 28.
The company took an impairment charge of $2.9 million in the quarter related to changing the trade name of Comtrak Logistics to Hub Group Trucking. Without that charge, profit was 50 cents a share.
Revenue rose to $885.2 million from $801 million. Costs increased in a variety of categories, including salaries, commissions and depreciation, Hub said.
For the full year, profit grew to $69.1 million, or $1.88 a share, compared with $68 million, or $1.83, in 2012. Hub saw $3.4 billion in revenue for the year compared with $3.1 billion the previous year.
“We had a solid year and are focused on our strategic initiatives to deliver strong results in 2014,” Hub Chairman and CEO David Yeager said in a statement.