Business Services Industry
Cost cuts drive Hub's profit surge.(News)
Crain's Chicago Business, October, 2004
Byline: BOB TITA Hub Group Inc.'s stock price is up more than 70% this year as the freight forwarder's profits doubled. The gains coincided with an upturn in the freight industry, but Hub's profit growth has more to do with cost-cutting than rising revenue. Downers Grove-based Hub's net income from January through June climbed 133% over the same period last year to $6.8 million, or 81 cents per share, while revenue rose just 2.5% to $677.3 million.
Lower overhead and reduced debt produced most of the profit growth that lifted Hub's shares from $10.90 a year ago to about $37.30 last week. Hub stock trades at about 19 times projected earnings for 2004, slightly above the Standard & Poor's 500 Index's multiple of 17, but well below the 30 multiple of its...
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