Cudahy-based Roadrunner Transportation Systems Inc. reported third quarter net income of $14.4 million, or 37 cents per share, up from $13.2 million, or35 cents per share, in the third quarter of 2013.
Revenues totaled $498.1 million, up 37.2 percent from $363.2 million in the same period a year ago.
The trucking firm made $1.9 million in acquisitions during the quarter. Its Truckload Logistics segment revenue increased 54.5 percent, its less-than-truckload segment revenue was up 4.8 percent, and its transportation management solutions segment revenue increased 71.3 percent year-over-year.
“Our third quarter 2014 results were impacted by unusually large acquisition transaction expenses primarily related to our Active Aero acquisition, as well as certain settlement and employee transition costs,” said Mark DiBlasi, president and CEO. “These costs were substantially offset, on an after-tax basis, by net contingent earnout adjustments of $3.3 million related to prior acquisitions within our TL segment, which also reduced our effective tax rate from 38.7 percent for the third quarter of 2013 to 32.8 percent for the third quarter of 2014. Overall, organic and acquisition growth led to a 37.2 percent increase in third quarter 2014 revenues and a 14.1 percent improvement in EBITDA over the prior year quarter.”
