Cudahy-based Roadrunner Transportation Systems, Inc. on Wednesday reported net income down 2 percent and revenue down 7.8 percent for the fourth quarter of fiscal 2015. The asset-light transportation company’s earnings were flat compared to the same time in 2014 at 32 cents per diluted share.
The company said the quarterly decrease in revenue was driven by a decline in freight volumes across most end markets, net of new business and a decrease in fuel surcharge revenue, which had an impact of $33.3 million.
Net income for the quarter was $12.1 million, down from $12.4 million during the same time in 2014. Revenue for the quarter was $490.9 million, down from $532.5 million.
The company’s revenue was up 6.5 percent for the full year to $1.9 billion. Net income for the year was $48 million a 7.6 percent decrease. Earnings for the year were down to $1.23 per diluted share, compared with $1.32 in 2014.
Revenue from the truckload logistics segment was down 2.1 percent to $305 million for the quarter, primarily due to lower fuel surcharge revenues. Revenues for the less-than-truckload segment were down 16 percent to $118.4 million because of lower fuel surcharge revenue and weak demand in the general industrial markets.
The company reported revenue for the global solutions segment was down 11.1 percent to $76.2 million. Roadrunner experienced lower volumes across all customers and a major volume decline for a significant customer.
Peter Armbruster, Roadrunner chief financial officer, said the company expects to have earnings between $1.30 and $1.45 per diluted share for fiscal 2016. He said that projection assumes the weak freight environment will begin to recover in the second half of the year, new business awards will build throughout the year and there will be no new acquisitions.
The company reported its full year results for 2015 included $1.2 million severance expenses related to the separation with a former executive. The company parted ways with chief executive officer Brian van Helden in June. The results also included a $5 million charge from the termination of an independent contractor lease purchase guarantee.
