Roadrunner Reports 2Q Loss in First Public Statement

‘Pro-Forma’ Results Positive as LTL Sector Shows Improvement

Roadrunner Transportation Systems, which went public in May, released its first public earnings statement late Wednesday, saying it posted a second-quarter loss, though its trucking sectors showed improvement.

The company reported a loss of $6.4 million, or 25 cents a share.

Roadrunner also reported “pro-forma” 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.



Its initial public offering was trucking’s first IPO since 2003. (Click here for previous story.)

Roadrunner has three operating segments: less-than-truckload, truckload brokerage and transportation management solutions.

The LTL segment’s 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.

 

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