Roadrunner Transportation Reports Revenue Gain, Operating Loss for Q2

Roadrunner Transportation Systems, Inc. (NYSE: RRTS), a leading asset-right transportation and asset-light logistics service provider,  announced results for the second quarter ended June 30, 2018 and the filing of its Quarterly Report on Form 10-Q.

Second Quarter Financial Results wre:

• Revenues for the second quarter ended June 30, 2018 were $558.0 million. Revenues for the quarter ended June 30, 2017 were $530.6 million and included $23.1 million of revenues from Unitrans, which was successfully divested in September 2017. Excluding Unitrans from the prior year, comparable revenue increased by 10.0% in 2018.
• Operating loss in the second quarter of 2018 was $11.4 million, which included operations and corporate restructuring and restatement costs of $8.6 million. Operating loss in the second quarter of 2017 was $7.5 million, which included corporate restructuring and restatement costs of $9.1 million. Unitrans contributed $2.0 million of operating income in the second quarter of 2017.
• Net loss increased to $42.0 million in the second quarter of 2018 compared to $37.9 million in the second quarter of 2017. The increase was due primarily to higher interest costs related to the company’s outstanding preferred stock and a lower income tax benefit, partially offset by the absence of a loss from debt extinguishment of $9.8 million that occurred in the second quarter of 2017.
• Diluted loss per share available to common stockholders was $1.09 for the second quarter of 2018, compared to diluted loss per share of $0.99 for the second quarter of 2017.
• Adjusted EBITDA, excluding the impact of Unitrans in 2017, was $6.7 million for the second quarter of 2018 compared to $9.1 million in the second quarter of 2017. The decline was due to corporate cost increases of $4.3 million in 2018, primarily due to higher information technology (IT) costs and professional fees related to the audit of  2017 financial statements.

• Comparable revenue growth for the second quarter and the first half of 2018
• Positive business trends in all segments, including sequential quarterly improvements in the Less-than-Truckload segment as turnaround investments continue
• Strong top and bottom line comparable growth in Ascent Global Logistics segment
• Truckload & Express Services segment continues strong revenue growth in ground and air expedited business while making structural improvements in temperature controlled, scheduled dry van and intermodal services