Welcome to our dedicated page for Radiant Logistic news (Ticker: RLGT), a resource for investors and traders seeking the latest updates and insights on Radiant Logistic stock.
Radiant Logistics, Inc. (NYSE American: RLGT) is a technology-enabled third-party logistics company that regularly issues news and updates related to its transportation and logistics operations, financial performance and corporate strategy. As a provider of global transportation and value-added logistics services, Radiant’s announcements often reflect developments across domestic and international freight forwarding, truck and rail brokerage, and logistics services such as warehousing, customs brokerage and inventory management.
Investors and industry observers following RLGT news can expect recurring coverage of quarterly and annual financial results, where the company discusses revenues, profitability and non-GAAP measures such as adjusted gross profit and adjusted EBITDA. These earnings releases frequently include commentary on market conditions, performance of U.S. and Canadian operations, and contributions from recent acquisitions and strategic operating partner conversions.
Radiant’s news flow also highlights acquisition activity and network expansion. The company reports on green-field acquisitions, the purchase of long-standing strategic operating partners and international investments such as its 80% ownership interest in Mexico-based Weport, S.A. de C.V. These items provide insight into how Radiant is building out its North American and global logistics platform.
Additional RLGT updates cover capital allocation decisions, including stock repurchase program authorizations and share buy-back activity, as well as technology initiatives such as the advancement of its Navegate global trade management and collaboration platform and related leadership appointments. For readers tracking Radiant, this news page offers a centralized view of the company’s financial disclosures, strategic moves and technology-focused developments over time.
Radiant Logistics (RLGT) has filed its quarterly reports with the SEC, bringing its filings current. For the six months ending December 31, 2022, revenues totaled $609.1 million, down 4.1%, while gross profit rose 12.1% to $145.2 million. Despite a decline in Q2 revenues to $278.1 million, gross profits increased 3.8% to $70.4 million. Net income decreased to $4.8 million in Q2, reflecting challenges in the market. The company continued capital allocation initiatives, including a $5 million stock buy-back program and the acquisition of Cascade Enterprises. As of March 20, 2023, RLGT had no net debt and $62 million in cash.
Radiant Logistics (NYSE American: RLGT) will host a conference call on March 27, 2023 at 4:30 PM Eastern to discuss its financial results for the year ending June 30, 2022, and the quarters ending September 30 and December 31, 2022. The call will be led by Bohn Crain, CEO, and is open to all interested parties, including individual investors and press. Dial-in details include US (888) 506-0062 and Intl. (973) 528-0011, with access code 913812. A replay will be available starting March 28 until April 10 for those who can't attend.
Radiant Logistics, Inc. (RLGT) reported a comprehensive annual financial performance for the fiscal year ended June 30, 2022, showcasing record revenues of $1,459.4 million, a 62.2% increase from the prior year. The net income grew to $44.5 million, reflecting a 92.6% rise year-over-year. Alongside this, adjusted EBITDA reached $80.9 million, a 65.1% increase. The report included necessary restatements addressing prior financial misreporting which did not alter net income significantly. The company anticipates growth despite macroeconomic challenges, expressing optimism for fiscal 2023.
Radiant Logistics (RLGT) announced preliminary financial results for the quarter ended December 31, 2022, reporting revenues of $283.5 million and a gross profit of $71.7 million. Adjusted net income was $12.3 million, or $0.26 per basic share. The company is late in filing its 10-Q due to a restatement process for previous fiscal periods, affecting earnings estimates by approximately $0.01 per diluted share for fiscal years impacted. CEO Bohn Crain expressed optimism about maintaining strong results against a backdrop of economic slowdown, indicating no net debt and $63.8 million in cash as of December 31, 2022.
Radiant Logistics (NYSE: RLGT) reported preliminary financial results for Q1 FY2023, with revenues hitting a record $331 million, up from the prior year. Net income increased to $8 million, or $0.17 per share, while adjusted net income reached $13.4 million, equating to $0.27 per share. The adjusted EBITDA also rose to $18.5 million, marking a 24.2% margin. The company is working to restate prior financial statements and expects to have filings current by year-end. CEO Bohn Crain highlighted a strong position despite signs of a slowing economy, emphasizing their strategic acquisition efforts and stock buybacks.
Radiant Logistics (NYSEMKT: RLGT) announced the acquisition of Cascade Enterprises of Minnesota, enhancing its technology-enabled logistics operations. Operating under the Airgroup brand since 2007, Cascade will transition to the Radiant brand in early 2023. This acquisition follows Radiant's earlier purchase of Navegate, enabling better global trade management. Tom Heinsen, Cascade's CEO, will remain with Radiant as Vice President. The acquisition signals continued growth opportunities for Radiant, as stated by CEO Bohn Crain, emphasizing value creation for partners and shareholders.
Radiant Logistics (RLGT) announced a delay in filing its Annual Report on Form 10-K for the fiscal year ended June 30, 2022. The company will restate financial statements for fiscal 2021 and interim quarterly reports from 2021 and 2022 due to timing errors in revenue recognition. Preliminary findings indicate revenues were understated by $14.1 million to $17.3 million, and total liabilities were understated by $21.5 million to $26.3 million. The NYSE notified RLGT of noncompliance with listing requirements, but trading remains unaffected. The company anticipates filing the 10-K within 30 days.
Radiant Logistics (NYSE: RLGT) reported preliminary unaudited financial results for Q4 of FY 2022, showing a 54.6% revenue increase to $398.6 million compared to the prior year. Net income rose to $18.3 million ($0.37/share), marking a 64.9% increase. Adjusted EBITDA reached $27.7 million, up 96.5%. The company has filed for a 15-day extension to complete its Form 10-K. Additionally, it secured a $200 million credit facility to support growth and operational flexibility. CEO Bohn Crain expressed optimism despite ongoing global uncertainty affecting logistics.
Radiant Logistics (NYSE American: RLGT) announced a new $200 million syndicated secured revolving credit facility, replacing its previous $150 million facility. This move enhances financial flexibility for future acquisitions and capital expenditures. The facility includes an accordion feature for an additional $75 million and has a five-year term, secured by the company's assets. As of March 31, 2022, the company's net leverage ratio stood at 1.0x, with an interest coverage ratio of 24.4x, showcasing strong financial health.
Radiant Logistics (NYSEMKT: RLGT) has announced the rebranding of its U.S. brokerage platform from Clipper Exxpress to Radiant Road & Rail Services as of July 1, 2022. This change aims to align the brand with the company's vision of expanding its bi-modal offerings in intermodal and truck brokerage services. The rebranding marks a significant transition for Radiant, which has served the logistics industry for over 80 years. The new platform will continue to provide diverse logistics solutions, including temperature-controlled intermodal services and trucking.