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.
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.
Radiant Logistics (RLGT) reported Q3 results for fiscal 2022, achieving revenues of $460.9 million, a 94.9% increase year-over-year. Net revenues reached $84.9 million, up 49.5%, while net income surged to $14.3 million, reflecting a remarkable 186.0% increase. Adjusted EBITDA also rose to $23.6 million, up 82.9%. The company highlighted success in its project charter business and the positive contribution from the Navegate acquisition. A renewed stock repurchase program and an effective $150 million shelf registration statement were also announced.
Radiant Logistics (NYSE: RLGT) announced that the SEC has declared effective its $150 million universal shelf registration statement on Form S-3, replacing the previous $100 million statement. This grants Radiant flexibility to issue common equity, preferred equity, debt securities, and more, for general corporate purposes. CEO Bohn Crain emphasized that this move enables capital access for growth strategies. However, the company's ability to raise capital depends on its operational needs and market receptiveness, with no current agreements for issuance.
Radiant Logistics (NYSE American: RLGT) announced a conference call scheduled for May 10, 2022, at 4:30 PM Eastern to discuss its financial results for the three and nine months ended March 31, 2022. This call is accessible to all interested parties, including investors and the press, and will be hosted by Bohn Crain, Founder, and CEO. Participants can join via dial-in numbers or through a webcast available on Radiant's website. The replay of the call will be available from May 11 to May 24, 2022.
Radiant Logistics (NYSE American: RLGT) has been recognized in the 2022 Logistics Top 100 and Freight Brokerage Top 100 by Transport Topics. This acknowledgment reflects the company's robust growth strategy and commitment to customer service across sectors like humanitarian aid and life sciences. CEO Bohn Crain praised the team's dedication, attributing the success to their efforts during a challenging market environment. Rankings are based on gross revenue over the past year, underscoring Radiant's standing in the North American logistics sector.
Radiant Logistics (NYSE American: RLGT) announced the filing of a new universal shelf registration statement on Form S-3 with the SEC, replacing a previous $100 million registration that has expired. The new filing enables Radiant to offer up to $150 million in securities, including debt and equity. Although filed, the statement is not yet effective, and there are currently no specific plans for securities issuance. This move aims to provide flexibility for future financing needs and business opportunities.
Radiant Logistics (RLGT) Continues Strong Performance
Radiant Logistics, Inc. announced it expects to report another quarter of record financial results for Q3 2022, ending March 31. Preliminary unaudited results indicate robust performance, bolstered by the recent acquisition of Navegate, Inc., which has exceeded historical performance metrics. Additionally, the company supported COVID relief efforts by delivering over 85.4 million test kits for the U.S. Department of Health and Human Services. Inducement awards for Navegate executives were also announced, enhancing employee retention.
Next Coast Ventures has successfully raised $310 million across three funds, boosting its total assets under management to over $520 million in just six years. This Austin-based venture capital firm targets entrepreneurs in Texas and other emerging tech hubs. Since 2016, it has achieved multiple successful exits, including significant investments in companies like LivePerson (LPSN) and Radiant Logistics (RLGT). The funds will primarily support early-stage tech businesses, with a strong emphasis on operational expertise from its experienced team.