Radiant Logistics reported strong gains in profits and net revenue in the three months ended Sept. 30 as the Bellevue, Wash.-based company saw a broad-based improvement in its international freight forwarding, truck and rail brokerage, warehousing and supply chain management business in the United States and Canada.
Net income was $2.6 million, or 5 cents a share, in the fiscal first quarter, compared with $300,000, or 1 cent a share, in the same period a year ago. Net revenue, which is total revenue minus the cost of purchased transportation, increased 20.4% to $54.9 million from $45.6 million. Total revenue rose 10.6% to $218.9 million from $198 million.
“We saw good improvement across the organization,” CEO Bohn Crain said in a statement Nov. 8.
Net revenue from U.S. operations increased 16% to $47.1 million, and net revenue from Canadian operations rose 54% to $7.7 million, the company reported.
Crain said that Radiant Logistics has begun to deploy a SAP-based transportation management system at strategic operating locations that will allow for streamlining of back-office processes and accelerate cost synergies related to existing and future acquisitions.
“We remain committed to our long-standing strategy to deliver profitable growth through a combination of organic and acquisition growth initiatives,” he said.
Radiant Logistics ranks No. 41 on the Transport Topics list of top freight brokerage firms and No. 112 on the TT list of largest dry storage warehousing firms.