Management from 3PL Radiant Logistics said Thursday it was looking forward to a requirement turnaround within the second half of 2024, noting it has seen some lift in ocean container traffic.
“We remain optimistic that we’re at or near the underside of this cycle and would expect markets to start to seek out their technique to more sustainable and normalized levels towards the back half of calendar 2024,” said Bohn Crain, founder and CEO, in a news release.
Radiant (NYSE: RLGT) reported adjusted earnings per share of 11 cents for its fiscal second quarter ended Dec. 31. The result was 2 cents ahead of the consensus estimate but 12 cents lower yr over yr (y/y).
The Renton, Washington-based company reported revenue of $201.1 million, which was 28% lower y/y. Revenue net of purchased transportation expenses was 16% lower. Adjusted earnings before interest, taxes, depreciation and amortization of $7.7 million was 52% lower y/y.
Radiant generated $12.1 million in money flow from operations through the period. The corporate is debt-free and had $32.9 million in money available at the top of the quarter. It has nothing outstanding on a $200 million credit facility.
The corporate said it’ll proceed to accumulate independent agent stations in addition to nonaffiliated 3PLs.
Radiant announced Wednesday the acquisition of Doral, Florida-based Select Logistics and Select Cartage, which have been working under Radiant’s Adcom Worldwide brand. Operating as Select, the business provides freight forwarding services to the cruise line industry.
Financial terms of the transaction weren’t disclosed, but management said on a Thursday call with analysts that almost all agent station conversions produce an EBITDA run rate of $500,000 to $2 million. It believes Radiant could acquire one station every quarter.
It acquired operating partner Daleray in October.
The corporate repurchased $3.1 million in stock through the first six months of its fiscal yr and said it’ll proceed to repurchase shares moving forward.
![](https://www.freightwaves.com/wp-content/uploads/2024/02/08/Radiant-Logistics-KPI-table.jpg)
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