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Radiant Logistics Inc. (RLGT-3.41%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $264.5 million from $201.1 million in the same quarter the previous year. The increase is attributed to project charter revenues and acquisitions.
Cost of transportation and other services rose to $201.2 million, compared to $139.1 million in the previous year. This increase is due to higher transportation costs associated with the increased revenues.
The company reported an adjusted gross profit of $63.3 million for the quarter, compared to $62.0 million in the previous year, with a decline in gross profit percentage from 30.8% to 23.9%.
Operating expenses for the quarter were $54.6 million, a decrease from $60.3 million in the previous year, primarily due to lower operating partner commissions.
Net income for the quarter was $6.5 million, up from $1.1 million in the previous year. After accounting for non-controlling interests, net income attributable to Radiant Logistics was $6.5 million, compared to $1.0 million in the previous year.
Cash provided by operating activities was $15.9 million, while cash used in investing and financing activities was $19.4 million and $1.4 million, respectively.
Radiant had total assets of $386.8 million as of December 31, 2024. The company maintains a revolving credit facility with a capacity of $200 million, which was undrawn at the end of the quarter.
The filing also details ongoing efforts to remediate a material weakness in internal controls over financial reporting related to revenue recognition processes.
Radiant Logistics continues to focus on expanding its service offerings and geographical reach through strategic acquisitions and organic growth initiatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Radiant Logistics Inc. quarterly 10-Q report dated February 10, 2025. To report an error, please email earnings@qz.com.