Radiant Logistics Sees Sequential Quarterly Improvement Moving Forward

Renton, Washington-based Radiant reported a headline net loss of $700,000, or 2 cents per share, for its fiscal third quarter ended March 31. That compares to 8 cents in earnings per share in the year-ago period. On an adjusted basis, EPS of 8 cents was in line with the consensus estimate but 9 cents lower year over year (y/y).

"This extended period of weak freight demand combined with excess capacity continues to negatively impact not only our current results, but also the year-over-year comparison to our record results for prior year period" said Bohn Crain, founder and CEO, in a news release.

Crain said January was very slow but the company saw sequential monthly improvement from that low point through April. He expects sequential improvement in operations in each quarter moving forward, noting the first three months of the calendar year are usually the weakest.

"I think we're effectively calling the bottom" Crain said on the call.

Revenue in the quarter fell 24% y/y to $185 million (down 8% from the fiscal second quarter ended Dec. 31). Revenue net of purchased transportation expenses declined 21% to $53 million, producing a 28.8% net revenue margin, which was 130 basis points better y/y.

Adjusted earnings before interest, taxes, depreciation and amortization of $5.2 million was 55% lower y/y. The adjusted EBITDA margin fell 750 bps to 9.8%.

Radiant generated $16 million in net cash from operations through the first nine months of its fiscal year. It closed the quarter debt-free with $31.2 million in cash and no outstanding balance on its credit facility.

The company will continue to deploy capital on converting agent stations to company-owned locations, acquisitions and share repurchases.

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