<SEC-DOCUMENT>0001171843-17-004340.txt : 20170726
<SEC-HEADER>0001171843-17-004340.hdr.sgml : 20170726
<ACCEPTANCE-DATETIME>20170726160314
ACCESSION NUMBER:		0001171843-17-004340
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170726
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170726
DATE AS OF CHANGE:		20170726

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Hub Group, Inc.
		CENTRAL INDEX KEY:			0000940942
		STANDARD INDUSTRIAL CLASSIFICATION:	ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731]
		IRS NUMBER:				364007085
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-27754
		FILM NUMBER:		17982843

	BUSINESS ADDRESS:	
		STREET 1:		2000 CLEARWATER DRIVE
		CITY:			OAK BROOK
		STATE:			IL
		ZIP:			60523
		BUSINESS PHONE:		6302713653

	MAIL ADDRESS:	
		STREET 1:		2000 CLEARWATER DRIVE
		CITY:			OAK BROOK
		STATE:			IL
		ZIP:			60523

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Hub Group
		DATE OF NAME CHANGE:	20160718

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HUB GROUP INC
		DATE OF NAME CHANGE:	19950313
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>f8k_072617.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html><head><title></title></head><body><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br><strong>Washington, D.C. 20549</strong><br>_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br>_____________________</font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>CURRENT REPORT</strong></font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of Earliest Event Reported): <!--July 26, 2017-->July 26, 2017 &#160;</font></p><p align="center"><font style="font-size: 12pt;"><strong>HUB GROUP, INC.</strong></font><br><font style="font-size: 10pt;">(Exact name of registrant as specified in its charter)</font></p><p align="center"><font style="font-size: 10pt;"><strong>Delaware<br></strong>(State or Other Jurisdiction of Incorporation)<strong><br></strong></font></p><p align="center">&#160;</p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="34%"><font style="font-size: 10pt;"><strong>0-27754</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;"><strong>36-4007085</strong></font></td></tr><tr valign="top"><td align="center" width="34%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">(I.R.S. 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[&#160;&#160;&#160;]</p><div style="margin-top: 12pt; margin-bottom: 3pt;"><div style="font-size: 1pt; border-top: Black 1.1pt solid; border-bottom: Black 2.5pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div>&#160;</div><hr style="page-break-after: always;" noshade="noshade"><p><font style="font-size: 10pt;">  <strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 2.02. Results of Operations and Financial Condition.</strong></font></p><p><font style="font-size: 10pt;"><p>&#160; &#160; &#160;On&#160;July 26, 2017, Hub Group, Inc. issued a press release&#160;announcing&#160;its&#160;second quarter 2017 operating results. The press release is furnished as Exhibit 99.1 to this Form 8-K.</p></font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 7.01. Regulation FD Disclosure.</strong></font></p><p><font style="font-size: 10pt;"><p>&#160; &#160; &#160;On July 27, 2017, Hub Group, Inc. will make available on its website an Investor Presentation, which includes business information and second quarter 2017 results. The presentation can be accessed by going to <u>www.hubgroup.com</u>, selecting the &#8220;Investors&#8221; tab, and then selecting the &#8220;Presentations&#8221; tab. The presentation will be available on the company&#8217;s website until the next regular update.</p><p>&#160; &#160; &#160;In accordance with General Instruction B.2 of Form 8-K, the information under this heading shall not be deemed &#8220;filed&#8221; for purposes of Section&#160;18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth in such a filing.</p></font></p><p><font style="font-size: 10pt;"><strong>  </strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. 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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"><html lang="en-US"><head><title>EdgarFiling</title><meta content="text/html; charset=windows-1252"><meta name="GENERATOR" content="MSHTML 8.00.7601.18094"></head><body bgcolor="#ffffff"><p style="text-align: right;"><strong>EXHIBIT 99.1</strong></p><p style="text-align: center;"><strong>Hub Group, Inc. Reports Second Quarter 2017 Results</strong></p><p style="text-align: center;"><p>
 <ul><li><strong>Revenue of $924.5 million, up 8%</strong><br></li><li><strong>Operating income of $16.6 million, down 52%</strong></li><li><strong>Diluted earnings per share of $0.29, down 52%</strong></li></ul>  <p align="left">OAK BROOK, Ill., July  26, 2017  (GLOBE NEWSWIRE) -- Hub Group, Inc. (NASDAQ:HUBG) announced second quarter 2017 net income of $9.5 million, or diluted earnings per share of $0.29 vs. second quarter 2016 net income of $20.7 million, or $0.61 per diluted share. Earnings for the second quarter of 2017 were negatively affected by margin declines across business lines and one-time costs of approximately $4.0 million, or $0.07 per share, for severance and expenses related to the acquisition of Estenson on July 1, 2017.</p>  <p align="left">Revenue for the current quarter was $924.5 million, compared with $855.6 million for the second quarter 2016. The Hub segment revenue increased 9% and the Mode segment revenue increased 5%. &#160;Operating income for the current quarter decreased to $16.6 million vs. $34.3 million for the second quarter 2016. The Hub segment operating income declined 62% and the Mode segment operating income decreased 13%.</p>  <p align="left">Sequentially, our net income in the second quarter of 2017 excluding one-time costs increased $0.7 million to $12.0 million compared to net income excluding one-time costs in the first quarter of 2017 of $11.3 million.</p>  <p><strong>Segment Information:</strong></p>  <p><strong>Hub</strong></p>  <ul><li><strong>Second quarter 2017 Segment Revenue:&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; $705.2 million, up 9%</strong></li><li><strong>Second quarter 2017 Segment Operating Income:&#160;&#160; $10.4 million, down 62%</strong></li></ul>  <p>The Hub segment&#8217;s revenue increased 9% to $705 million compared to the second quarter of 2016 as a result of our success in providing multi-modal solutions to our customers.</p>  <p>Second quarter intermodal revenue increased 3% to $451 million reflecting volume growth of 1%, an increase in fuel revenue and more favorable mix.&#160; Declines in freight rates partially offset these increases. Intermodal gross margin decreased from the prior year because of rail transportation cost increases and lower prices.&#160;</p>  <p>Truck brokerage revenue increased 26% to $105 million this quarter compared to the same quarter of last year.&#160; Truck brokerage handled 14% more loads while fuel, price and mix combined were up 12%.&#160; Truck brokerage gross margin decreased primarily because of higher purchased transportation costs due to tight capacity and changes in customer mix.&#160;</p>  <p>Second quarter Unyson Logistics revenue increased 17% to $149 million due primarily to growth with new customers on-boarded last year and in the first half of this year. &#160;Unyson Logistics gross margin declined primarily due to startup costs related to new business on-boarded this quarter. &#160;</p>  <p>Costs and expenses increased $6.3 million to $62.2 million in the second quarter of 2017 compared to $55.9 million in the second quarter of 2016.&#160; Salaries and benefits increased $1.8 million due to $2.8 million of severance costs, employee raises, and higher headcount partially offset by a decrease in bonus expense. General and administrative costs are $4.1 million higher because of an increase in IT costs including costs for our transportation management system as well as a $1.2 million increase in professional fees related to the Estenson acquisition.&#160;</p>  <p>Operating income was $10.4 million compared to $27.2 million last year.&#160;</p>  <p><strong>Mode</strong></p>  <ul><li><strong>Second quarter 2017 Segment Revenue: &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;$243.1 million, up 5%</strong></li><li><strong>Second quarter 2017 Segment Operating Income:&#160;&#160; $6.2 million, down 13%</strong></li></ul>  <p>The Mode segment&#8217;s revenue increased 5% to $243 million compared to second quarter 2016. &#160;&#160;Revenue consisted of $112 million in intermodal which was down 4%, $83 million in truck brokerage which was up 2% and $48 million in logistics which was up 43%.&#160;</p>  <p>Gross margin decreased $2.7 million compared to the second quarter of 2016 due primarily to a decrease in truck brokerage and intermodal margin, partially offset by an increase in logistics gross margin.&#160;</p>  <p>Mode&#8217;s costs and expenses decreased $1.8 million compared to last year primarily because of decreased agent commission.&#160; &#160;</p>  <p>Operating income was $6.2 million compared to $7.1 million last year.</p>  <p><strong>2017 Outlook</strong></p>  <p>We expect that our full-year 2017 diluted earnings per share will range from $1.45 to $1.55.&#160; Projected results for Estenson are included in our guidance as are the one-time costs in the first half of the year.&#160; We estimate that our 2017 capital expenditures will range from $85 million to $95 million.</p>  <p>&#8220;Despite the current challenging market conditions, we remain committed to our strategy to increase market share by providing multi-modal solutions to our clients. Our acquisition of Estenson provides Hub a strong foundation for growth in dedicated trucking.&#160; We continue to make strategic investments in our people and technology to strengthen our competitive position in the market,&#8221; said Dave Yeager, Hub&#8217;s Chairman and CEO.</p>  <p><strong>Cash Flow and Capitalization:</strong></p>  <p align="justify">At June 30, 2017, we had total debt outstanding of $166 million on various debt instruments compared to $174 million at December 31, 2016.</p>  <p align="justify">Our capital expenditures for the quarter totaled $23.0 million, primarily for containers and trailers. At June 30, 2017, we had cash and cash equivalents of $152 million.</p>  <p><strong>CONFERENCE CALL</strong></p>  <p>Hub will hold a conference call at 5:00 p.m. Eastern Time on Wednesday, July 26, 2017, to discuss its second quarter 2017 results.&#160;</p>  <p>Hosting the conference call will be Dave Yeager, Chief Executive Officer.&#160; Also participating on the call will be Don Maltby, Chief Operating Officer, and Terri Pizzuto, Chief Financial Officer.</p>  <p>This call is being webcast and can be accessed through the Investors link on Hub Group&#8217;s Web site at www.hubgroup.com.&#160; The webcast is listen-only.&#160; Those interested in participating in the question and answer session should follow the telephone dial-in instructions below.</p>  <p>To participate in the conference call by telephone, please register at http://www.yourconferencecenter.com/r.aspx?p=1&amp;a=UiRQszvGKbIdWq. <br>Registrants will be issued a passcode and PIN to use when dialing into the live call which will provide quickest access to the conference.&#160; You may register at any time, including up to and after the call start time.&#160; On the day of the call, dial (888) 206-4064 approximately ten minutes prior to the scheduled call time; enter the participant passcode and PIN received during registration.&#160;&#160; The call will be limited to 60 minutes, including questions and answers.</p>  <p>An audio replay will be available through the Investors link on the Company's Web site at www.hubgroup.com. This replay will be available for 30 days.</p>  <p>On July 27, 2017, the company will make available on its website an Investor Presentation, which includes updated business information and second quarter results, among other things. The presentation can be accessed by going to www.hubgroup.com, selecting the &#8220;Investors&#8221; tab, and then selecting the &#8220;Presentations&#8221; tab. The presentation will be available on the company&#8217;s website until the next regular update.</p>  <p align="left">CERTAIN FORWARD-LOOKING STATEMENTS: Statements in this press release that are not historical, including statements about Hub Group's or management's earnings guidance, intentions, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are inherently uncertain and subject to risks, and should be viewed with caution. Forward-looking statements may contain words such as &#8220;expects&#8221;, &#8220;expected&#8221;, &#8220;believe&#8221;, &#8220;projected&#8221;, &#8220;estimate&#8221;, or similar words, and are based on management's experience and perception of historical trends, current conditions, and anticipated future developments, as well as other factors believed to be appropriate. We believe these statements and the assumptions and estimates contained in this release are reasonable based on information that is currently available to us. Such statements should be viewed with caution. Actual results or experience could differ materially from the forward-looking statements as a result of many factors. Factors that could cause actual results to differ materially include intermodal costs, intermodal prices (including the timing of any changes), the timing and integration of any acquisitions and expenses relating thereto, the future performance of Hub&#8217;s Intermodal, Truck Brokerage, Dedicated and Unyson Logistics business lines, the future performance of Mode, the amount and timing of strategic investments by Hub, shipping volumes, anticipated intermodal, truck brokerage, and logistics margins, customers encountering adverse economic conditions, the amount and timing of operating expenses and the factors listed from time to time in Hub Group's SEC reports including, but not limited to, the annual report on Form 10-K for the year ended December 31, 2016.&#160; Hub Group assumes no liability to update any such forward-looking statements.</p> <table style="border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; "><tr><td colspan="17" style="text-align: center ; 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">&#160;</td></tr></table> <p><br></p> </p><p>CONTACT: Maralee Volchko of Hub Group, Inc., +1-630-271-3745</p></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
