Thu, Sep 12, 8:56 PM (99 days ago)
Radiant Logistics, Inc. reported a notable decrease in financial performance for the fiscal year ended June 30, 2024, with total revenues declining 26.1% to approximately $802.5 million from $1.1 billion in the prior year. The transportation segment, crucial for revenue, saw a drop to $753.2 million, primarily due to reduced international and ocean rates and lower freight volumes. Adjusted gross profit fell to $236.5 million, reflecting a gross profit margin increase to 29.5%, attributed to a higher mix of domestic shipments. Operating expenses also decreased by 6.1% to $793.2 million, with net income attributable to shareholders at $7.7 million, down from $20.6 million in 2023. The company’s liquidity remains stable with $24.9 million in cash, while it has a $200 million revolving credit facility, fully available as of June 30, 2024. Significant risks include ongoing cybersecurity vulnerabilities, as highlighted by a material weakness in internal controls over revenue processing. The company is actively working to remediate these issues. Future growth strategies emphasize acquisitions and enhancing technological capabilities, despite a highly competitive and fragmented logistics market.