Hub Group Inc Class A

HUBG: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$63.00	Mltcqp	Rlpdykvtx

Hub Group Earnings: Depressed Truckload Rates Keeping Intermodal Off Track

Matthew Young

Aug 2, 2024

Hub Group’s consolidated top line fell 5% year over year (excluding fuel) and once again missed our expected run rate, as did 2024 revenue guidance. Domestic intermodal load volume and pricing came in weaker than we expected on persistent competition from depressed truckload sector rates (including abundant market capacity). This overshadowed a slight uptick in retailer inventory restocking and solid West Coast import gains. In short, truckload industry pricing has remained depressed for longer than we originally thought.

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