Radiant Logistics (NYSE: RLGT) reported Q3 EPS of $0.10, $0.02 better than the analyst estimate of $0.08. Revenue for the quarter came in at $236.5 million versus the consensus estimate of $183.75 million.

Financial Highlights – Three Months Ended March 31, 2021

• Revenues increased to a record $236.5 million for the third fiscal quarter ended March 31, 2021, up $59.3 million or 33.5%, compared to revenues of $177.2 million for the comparable prior year period.
• Net revenues, a non-GAAP financial measure, increased to a record $56.8 million for the third fiscal quarter ended March 31, 2021, up $9.0 million or 18.8%, compared to net revenues of $47.8 million for the comparable prior year period.
• Net income increased to a record $5.0 million, or $0.10 per basic and fully diluted share, up $4.9 million compared to net income of $0.1 million, or $0.00 per basic and fully diluted share for the comparable prior year period.
• Adjusted net income, a non-GAAP financial measure, increased to a record $9.1 million, or $0.18 per basic and fully diluted share for the third fiscal quarter ended March 31, 2021, up $5.1 million or 127.5%, compared to adjusted net income of $4.0 million, or $0.08 per basic and 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, increased to a record $12.9 million for the third fiscal quarter ended March 31, 2021, up $6.8 million or 111.5%, compared to adjusted EBITDA of $6.1 million for the comparable prior year period.
• Adjusted EBITDA Margin, a non-GAAP financial measure, increased to a record 22.7%, up 1,000 basis points, compared to 12.7% for the comparable prior year period.

CEO Bohn Crain comments on results

"We are very pleased to report another quarter of solid financial results including new records for the March quarter across a number of our key financial metrics," said Bohn Crain, Founder and CEO of Radiant Logistics. "We posted record revenues of $236.5 million, up $59.3 million or 33.5%; record net revenues of $56.8 million, up $9.0 million or 18.8%, record net income of $5.0 million, up $4.9 million; record adjusted net income of $9.1 million, up $5.1 million or 127.5%, and record adjusted EBITDA of $12.9 million, up $6.8 million or 111.5%. In addition, we also saw improvement in our adjusted EBITDA margins, which increased to a record 22.7% for the March quarter, up from 12.7% for the comparable prior year period. These results reflect the benefit of our scalable non-asset based business model, diversity of our service offerings, and our ability to quickly respond to changing market dynamics. In addition, we have been able to deliver these record results while maintaining very low leverage on our balance sheet."

Mr. Crain continued, "We are encouraged by our continued strong financial performance with trailing twelve month adjusted EBITDA through March 31, 2021 of $47.8 million. At the same time, we also believe that our current share price does not accurately reflect Radiant's intrinsic value or long-term growth prospects, particularly given our unlevered balance sheet, and therefore represents an excellent investment opportunity for both the Company and our shareholders. With the diversity of our customers, the strength of our balance sheet, the scalability of our technology, the commitment of our employees, and the eventual recovery of the business sectors that have been most adversely affected by COVID-19, we remain 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."

For earnings history and earnings-related data on Radiant Logistics (RLGT) click here.