Roadrunner Transportation Systems (NYSE: RRTS) reported Q1 EPS of ($0.61). Revenue for the quarter came in at $570 million versus the consensus estimate of $475.6 million.

First Quarter Financial Results

• Revenues for the quarter ended March 31, 2018 were $570.0 million, a 19.0% increase from revenues of $478.9 million for the quarter ended March 31, 2017. The increase was due to higher revenues in the company’s TES and LTL segments, partially offset by lower revenues in the Ascent segment due to the divestiture of Unitrans in September 2017.
• Operating loss was $13.4 million for the first quarter of 2018, compared to an operating loss of $17.9 million for the first quarter of 2017. Improved operating results in the TES segment were offset by higher operating losses in the LTL segment.
• Net loss increased to $23.6 million for the first quarter of 2018, compared to a net loss of $19.9 million for the first quarter of 2017, due primarily to higher interest costs related to the company’s preferred stock issued in May 2017.
• Diluted loss per share available to common stockholders was $0.61 for the first quarter of 2018, compared to diluted loss per share of $0.52 for the first quarter of 2017.
• Adjusted EBITDA, excluding the impact of Unitrans in 2017, improved by $6.1 million to $3.1 million for the first quarter of 2018.

Discussion and Outlook

“With the filing of our Form 10-Q for the quarter ended March 31, 2018, we are now current with our SEC reporting requirements,” said Curt Stoelting, Chief Executive Officer of Roadrunner. “Comparable quarter to quarter operating results in our Truckload & Express Services and Ascent segments improved significantly in the first quarter of 2018 versus 2017. We expect positive trends in these segments to continue in 2018. As part of our investment in turning around the LTL segment, we expected to incur higher operating losses in the first quarter of 2018 than in the prior year. Our LTL management team is working to improve the quality of freight and the density within our key lanes as well as improving our service and operating metrics. By accelerating our focus on reducing our service area and eliminating unprofitable freight, we expect a reduction in 2018 second quarter revenue as compared to the prior year second quarter. We expect a sequential quarterly improvement in LTL operating results in the 2018 second quarter and we anticipate improvements in operating trends in the second half of 2018 compared to the first half.”

“As our recent activities indicate, our teams continue to execute on our plans to more fully integrate, expand and improve our TES and Ascent segments and we remain committed to investing in the long-term recovery of our LTL segment. We are also investing in information technology enhancements and new capabilities across all three segments, improving our internal controls and strengthening our core operating functions, all of which are designed to support our growth in 2018 and beyond. We expect improved operating and financial results throughout 2018 and a steady expansion of operating margins in future years,” said Stoelting.

For earnings history and earnings-related data on Roadrunner Transportation Systems (RRTS) click here.