Radiant Logistics (NYSE: RLGT) reported Q2 EPS of $0.17, $0.09 better than the analyst estimate of $0.08. Revenue for the quarter came in at $218 million versus the consensus estimate of $181.7 million.

Financial Highlights – Three Months Ended December 31, 2020

• Revenues reported at $218.8 million for the second fiscal quarter ended December 31, 2020, compared to revenues of $201.9 million for the comparable prior year period.
• Net revenues, a non-GAAP financial measure, reported at $55.3 million for the second fiscal quarter ended December 31, 2020, compared to net revenues of $56.0 million for the comparable prior year period.
• Net income reported at $3.8 million, or $0.08 per basic and $0.07 per fully diluted share, compared to net income of $2.6 million, or $0.05 per basic and fully diluted share for the comparable prior year period.
• Adjusted net income, a non-GAAP financial measure, reported at $8.6 million, or $0.17 per basic and fully diluted share for the second fiscal quarter ended December 31, 2020, compared to adjusted net income of $6.3 million, or $0.13 per basic and $0.12 per fully diluted share for the comparable prior year period. Adjusted net income is calculated by applying a normalized tax rate of 24.5% and excluding other items not considered part of regular operating activities.
• Adjusted EBITDA, a non-GAAP financial measure, reported at $12.5 million for the second fiscal quarter ended December 31, 2020, compared to adjusted EBITDA of $9.4 million for the comparable prior year period.

CEO Bohn Crain comments on results

"We are very pleased to report another quarter of solid financial results as we navigate through this unique environment," said Bohn Crain, Founder and CEO of Radiant Logistics. "We reported revenues of $218.8 million and net revenues of $55.3 million for the quarter ended December 31, 2020. Top-line revenue continues to show encouraging growth. However, even more encouraging is that, through a number of cost-saving and other strategic initiatives, we were able to show growth on our bottom line, both domestically and in Canada, even though our net revenues were down slightly. Most notably, Radiant Canada continues to perform well. As well, our Clipper brokerage business in Chicago, which is now trending towards what we believe is its true growth potential. We have been able to achieve growth, continue to report solid financial results, while maintaining very low leverage on our balance sheet. We are continuing to see slow and steady improvement across many industry verticals that we serve, as we've worked through a challenging environment with continued broad-based tightening of capacity."

Mr. Crain continued, "We have learned through this pandemic that our non-asset based variable cost model enables us to maintain profitable growth, while caring for and supporting the needs of our many employees, operating partners and customers. We are also proud to have supported COVID relief and humanitarian efforts within both the private and governmental sectors. Our overall results have been positively influenced by tightening capacity and positive demand trends within a number of the business sectors that we service. These demand trends have produced positive results that more than outweigh the headwinds that are still being experienced in some of the sectors that continue to be challenged by COVID, such as in the retail, hospitality, travel, and trade show sectors. With the diversity of our customers, the strength of our balance sheet, the commitment of our employees, and the eventual recovery of the business sectors that have been most adversely effected by COVID, we are optimistic about the trajectory of the economy and the opportunities that it will present for Radiant. In the months ahead, we will continue to closely monitor how we and the economy are progressing and look forward to re-engaging in acquisition opportunities and/or our stock buy-back activities as the opportunities present themselves."

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