Hub Group Inc. said its third-quarter income declined due to driver-settlement and software-development charges.
Net income fell to $4.5 million, or 12 cents a share, from $18.6 million, or 50 cents, a year ago, Hub Group said Oct. 23. Revenue rose 3% to $913 million.
Excluding the $10.3 million driver-settlement and $11.9 million software-development costs, earnings were 49 cents a share.
Revenue in the Hub segment rose 2% to $692 million, intermodal revenue slipped 2% to $461 million, and truck brokerage revenue was flat at $84 million.
Mode segment revenue rose 13% to $645 million and its Unyson Logistics unit’s revenue rose 18% to $147 million.
Hub Group ranks No. 8 on the Transport Topics Top 100 list of U.S. and Canadian for-hire carriers.