Highlights:         Diluted earnings per share (EPS) of $0.44 for the quarter First quarter revenue of $1.0 billion GAAP Quarterly operating income of $37 million (3.7% of revenue) Executing on Capital Allocation Plan including completing our stock split, purchasing $26 million of shares during the quarter and paying the company's first quarterly cash dividend of $0.125 per common share Ended the quarter with cash and cash equivalents of $195 million Integration of Final Mile acquisition is ahead of our expectations and contributed $64 million to revenue in the first quarter Recognized by The Home Depot® as the 2023 Intermodal Carrier of the Year, Online Big & Bulky Carrier of the Year, and the Dedicated Van Carrier of the Year. Named Outstanding Partnership of the Year by Target®. OAK BROOK, Ill., April 25, 2024 (GLOBE NEWSWIRE) --  Hub Group, Inc. (NASDAQ:HUBG) announced first quarter 2024 net income of $27 million and diluted earnings per share of $0.44. Net income for first quarter 2023 was $62 million, or $0.94 per diluted share. "I am pleased with the team's performance in the first quarter, resulting in $1.0 billion of revenue, in-line with fourth quarter performance despite normal seasonal declines and challenging market conditions. Our yield management, cost containment and operating efficiency initiatives resulted in operating income margin of 3.7% of revenue, an improvement over the fourth quarter. The team continues to execute on our key strategic priorities including diversification of our business and a focus on cost management that will lead to enhanced earnings stability and growth over the long term," said Phil Yeager, Hub Group's Vice Chairman of the Board of Directors, President and Chief Executive Officer. First Quarter 2024 Results Consolidated revenue for the first quarter of 2024 was $1.0 billion as compared to $1.2 billion in first quarter 2023. The revenue decline was driven by the impact of the January winter storm, lower volumes in ITS and brokerage, and lower fuel revenue, partially offset by contributions from the Final Mile acquisition. Purchased transportation and warehousing costs as a percent of revenue decreased 1.1% to prior year due to the impact of the Final Mile acquisition and Hub's cost management efforts as drayage, equipment, rail and repositioning costs decreased in the quarter. As anticipated, salaries and benefits increased from the prior year due to merit and incentive compensation increases as well as headcount associated with the acquisition, excluding the acquisition, legacy headcount declined by 9%. Insurance and claims costs were in-line with prior year as we continue to make safety a top priority. Depreciation and amortization expense increased as compared to prior year driven by the Final Mile acquisition. General and administrative expenses increased $1.7 million as compared to prior year driven by costs associated with the integration of the Final Mile acquisition of $2.7 million, partially offset by cost management efforts. Gain on sale was minimal, whereas the prior year benefitted from strong used truck pricing resulting in a headwind of $3.5 million. Operating income for the first quarter was $37 million (3.7% of revenue) as compared to $78 million (6.8% of revenue) in the prior year. EBITDA (non-GAAP) for the quarter was $87 million. First quarter Intermodal and Transportation Solutions ("ITS") Segment revenue was $552 million, as compared to $709 million in the prior year due to soft market conditions, lower accessorial revenue, lower fuel revenue of $32 million, and lower volumes of 10%. ITS operating income decreased to $13 million (2.4% of revenue) due to January storms, as well as start-up costs and a larger than expected auto claim settlement in our Dedicated line of business. First quarter Logistics Segment revenue was $480 million, an increase of 2.4% compared to $469 million in the prior year, as Final Mile revenue more than offset lower revenue per load in our brokerage business. First quarter operating income was $24 million, or 5.0% of revenue a decline of 1.1% from prior year as positive contribution from the acquisition only partially offset lower brokerage margin. Capital expenditures for the first quarter of 2024 totaled $18 million as we continued to invest in our tractor fleet, technology, and expansion of our multipurpose warehouse footprint. As of March 31, 2024, we had cash and cash equivalents of $195 million following the acquisition of Final Mile for $261 million in the fourth quarter. In the first quarter, we completed our 2-for-1 stock split, purchased $26 million of HUBG shares and paid the company's first quarterly cash dividend of $0.125 per common share. 2024 Outlook We expect our 2024 diluted earnings per share will range from $1.80 to $2.25. We estimate revenue of approximately $4.3 to $4.7 billion for the full year and we continue to project an effective tax rate of approximately 24%. We expect capital expenditures for the full year in the range of $45 million to $65 million. Non-GAAP Financial Measure In this press release, we present a certain non-GAAP financial measure. As required by the rules of the Securities and Exchange Commission ("SEC"), we have provided herein a reconciliation of this non-GAAP financial measure to the most directly comparable measures under GAAP, along with an explanation why management believes this non-GAAP financial measure provide relevant and useful information. This non-GAAP financial measure should be viewed in addition to, and not as an alternative to or substitute for, measures determined in accordance with GAAP, and are not necessarily comparable to non-GAAP measures that may be presented by other companies. CONFERENCE CALL Hub Group, Inc. will hold a conference call at 5:00 p.m. Eastern Time on April 25, 2024 to discuss our first quarter 2024 results. Hosting the conference call will be Phil Yeager, Vice Chairman of the Board of Directors, President and CEO. Also participating on the call will be Brian Alexander, Executive Vice President, Chief Operating Officer, and Kevin Beth, Executive Vice President, Chief Financial Officer and Treasurer. This call is being webcast and can be accessed through the Investors link on Hub Group's web site at www.hubgroup.com. The webcast is listen-only. Those interested in participating in the question-and-answer session should follow the telephone dial-in instructions below. To participate in the conference call by telephone, please pre-register at https://register.vevent.com/register/BIa963a2fc05ca4d6e8871ed6c9e9f700e to receive the dial-in number and unique PIN. On the day of the call, dial in approximately ten minutes prior to the scheduled call time and enter the unique participant PIN received during registration. The call will be limited to 60 minutes, including questions and answers. An audio replay will be available through the Investors link on the Company's web site at www.hubgroup.com. This replay will be available for 30 days. CERTAIN FORWARD-LOOKING STATEMENTS: Statements in this press release that are not historical facts are forward-looking statements, provided pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors that might cause the actual performance of Hub Group to differ materially from those expressed or implied by this discussion and, therefore, should be viewed with caution. Further information on the risks that may affect Hub Group's business is included in filings it makes with the SEC from time to time, including those discussed under the "Risk Factors" section in Hub Group's most recently filed periodic reports on Form 10-K and Form 10-Q and subsequent filings. Hub Group assumes no obligation to update any such forward-looking statements. SOURCE: Hub Group, Inc. CONTACT- Lorna Williams, Investor Relations, +1-630-481-3632, HUB GROUP, INC.   CONSOLIDATED STATEMENTS OF EARNINGS   (in thousands, except per share amounts)   (unaudited)                                           Three Months Ended March 31,                   2024       2023                     % of     % of                 Amount Revenue   Amount Revenue   Operating revenue       $ 999,493   100.0 %   $ 1,152,265   100.0 %                             Operating expenses:                     Purchased transportation and warehousing       740,172   74.1 %     866,931   75.2 %     Salaries and benefits         144,497   14.4 %     137,431   11.9 %     Depreciation and amortization       38,331   3.8 %     35,449   3.1 %     Insurance and claims         12,618   1.3 %     12,683   1.1 %     General and administrative         27,234   2.7 %     25,541   2.2 %     Gain on sale of assets, net         (498 ) -0.0 %     (3,975 ) -0.3 %   Total operating expenses         962,354   96.3 %     1,074,060   93.2 %                             Operating income         37,139   3.7 %     78,205   6.8 %                             Other income (expense):                     Interest expense, net         (2,506 ) -0.3 %     (1,593 ) -0.1 %     Other, net         (170 ) -0.0 %     38   0.0 %   Total other expense, net         (2,676 ) -0.3 %     (1,555 ) -0.1 %                             Income before provision for income taxes       34,463   3.4 %     76,650   6.7 %                             Provision for income taxes         7,410   0.7 %     14,870   1.3 %                             Net income       $ 27,053       $ 61,780                                 Earnings per share                     Basic       $ 0.44       $ 0.95         Diluted       $ 0.44       $ 0.94                                 Basic weighted average number of shares outstanding       61,325