Roadrunner Transportation Systems, Inc., a leading asset-right transportation and asset-light logistics service provider, announced results for the third quarter ended September 30, 2018 and the filing of its Quarterly Report on Form 10-Q.
Third Quarter Financial Results:
• Revenues for the third quarter ended September 30, 2018 were $536.6 million. Revenues for the quarter ended September 30, 2017 were $521.4 million and included $19.3 million of revenues from Unitrans, which was successfully divested in September 2017. Excluding Unitrans from the prior year, comparable third quarter revenue increased by 6.9% in 2018.
• Operating loss in the third quarter of 2018 was $10.8 million, which included corporate restructuring and restatement costs of $4.7 million. Operating income in the third quarter of 2017 was $11.3 million.
• Net loss increased to $41.6 million in the third quarter of 2018 compared to $10.1 million in the third quarter of 2017. The increase was due primarily to the items affecting operating income (loss) discussed above and higher interest costs related to the company’s outstanding preferred stock, partially offset by the absence of a loss from debt extinguishment of $6.0 million that occurred in the third quarter of 2017 and an income tax benefit.
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