Welcome to our dedicated page for Radiant Logistics news (Ticker: RLGT), a resource for investors and traders seeking the latest updates and insights on Radiant Logistics stock.
Radiant Logistics, Inc. (NYSE MKT: RLGT) operates as a non-asset-based third-party logistics provider, encompassing several brands including Radiant Global Logistics, Wheels Group Inc, Adcom Worldwide, Airgroup, On Time Express, Distribution by Air, Service by Air Inc., and its minority business affiliate Radiant Logistics Partners. The company services a diversified client base comprising manufacturers, distributors, and retailers. Leveraging a network of independent carriers and international agents strategically located worldwide, Radiant Logistics offers comprehensive logistics solutions.
Core Services:
- Domestic: Airfreight services such as NFO, same day, next day AM or PM, standard (2-day), economy (3-day), and insurance options. Ground services include time-definite LTL, FTL, rollerbed, flatbed, lift gate, air ride, refrigerated, hot shot, and pool distribution.
- Specialized: Oversized, intermodal transport.
Radiant Logistics stands out as one of North America's fastest-growing logistics networks, boasting nearly 100 domestic stations and a continually expanding international presence.
Recent Achievements:
- Promotion of Jaime Becker: On January 9, 2024, Jaime Becker was promoted to Senior Vice President and General Counsel, bringing over a decade of experience in supporting diverse industries including technology, logistics, construction, and oil and gas.
- Acquisitions: The company acquired Select Logistics, Inc. and Select Cartage, Inc. in February 2024, Viking Worldwide, Inc. in April 2024, Cascade Transportation, Inc. in June 2024, and DVA Associates, Inc. also in June 2024. These acquisitions bolster Radiant's presence and capabilities in key geographic locations.
- Stock Buy-Back: As of March 31, 2024, Radiant has purchased 532,401 shares of its common stock at an average cost of $5.79 per share, amounting to a total of $3.1 million.
Financial Highlights:
- For the quarter ended December 31, 2023, Radiant reported $201.1 million in revenues with a net income of $1.0 million. Adjusted EBITDA for the same period was $7.7 million.
- For the nine months ended March 31, 2024, the company achieved revenues of $596.4 million and net income of $2.9 million, with adjusted EBITDA reaching $22.1 million.
Radiant continues to enhance its logistics services, supported by a robust technology platform, extensive purchasing power, and a global network, ensuring comprehensive solutions for domestic, international, and U.S.-Mexico cross-border freight forwarding and logistics services.
Visit Radiant Logistics for more details.
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.
Radiant Logistics (NYSE American: RLGT) announced an expansion of its humanitarian efforts, establishing a service desk to support the ongoing crisis in Ukraine. In the past month, the company has delivered over 100 tons of emergency supplies, including medical equipment and food. The new Ukraine Service Desk aims to streamline urgent relief efforts, building on Radiant's history of collaboration with government and NGOs. Chief Commercial Officer Arnie Goldstein emphasized the commitment to aid and recovery for clients globally.
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