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 reports developments for a technology-enabled third-party logistics business that provides global transportation and value-added logistics services. The company offers domestic and international freight forwarding, truck and rail brokerage, warehouse and distribution, customs brokerage, order fulfillment, inventory management and logistics technology services to customers primarily in the United States, Canada and Mexico.
Recurring RLGT news includes quarterly financial results, acquisition and operating-network expansion, company-owned and agent-owned office activity, share repurchase authorizations and digital logistics initiatives such as the Navegate platform and the Ray AI agent. Company updates also cover international gateway expansion, including operations in Hong Kong, Shanghai and Shenzhen, as part of Radiant's freight forwarding and logistics network.
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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.