Hub Group outlook for 3Q, year disappoints
DOWNERS GROVE, Ill. (AP) — Transportation management company Hub Group Inc. on Wednesday issued a third-quarter and annual profit outlook that came in below analysts' forecasts due to lower-than-expected price increases and soft demand for freight shipping from the West Coast. Shares fell in after-hours trading.
The company said it expects earnings in the quarter that ended on Sept. 30 to be between 48 cents and 51 cents per share, below the 54 cents expected by analysts polled by FactSet. Full results will be released on Oct. 17.
It also predicted earnings for the year between $1.85 and $1.95 per share, also below the $2.02 expected.
Shares fell $1.63, or 4.4 percent, to $35.68 in after-hours trading, after dropping 39 cents, or 1 percent, to $37.31 in the regular session.