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Roadrunner Transportation Systems up 6.2% post Q1 results

  • Roadrunner Transportation Systems (RRTS +6.2%) reports Q1 revenue growth of 19% to $570M.
  • Segment revenue: TES increased 43.3% Y/Y to $326.1M,  due to an increase in ground and air expedited freight business which drove higher volumes and rates; LTL increased 4% Y/Y to $113.1M due to higher fuel surcharges and rates, partially offset by lower shipments where as Ascent decreased 25.1% Y/Y to $13.4M due to the divestiture of Unitrans.
  • Segment Adj. EBITDA: TES increased126 bps to3.3%; LTL declined 525 bps to -6.9% & Ascent increased 132 bps to 5.9%.
  • In Q1, the company announced the integration and rebranding of several operating companies, including Roadrunner Truckload Plus, into Ascent Global Logistics.
  • Also, the company restructured its temperature controlled truckload business which amounted to ~$5-7M in Q2 related to fleet and facilities right-sizing and severance costs.
  • The company issued and sold shares of Series E-1 Preferred Stock of ~$17.5M on March 1, 2018 and $17.5M on April 24, 2018.
  • The company has ~$40M of available funds for working capital and operating purposes from its existing borrowing capacity under its ABL facility and standby commitment from its preferred stock investor.
  • Positive 2018 Outlook: Expects improved operating and financial results throughout 2018 and a steady expansion of operating margins in future years.
  • Previously: Roadrunner Transportation reports Q1 results (July 2)

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Roadrunner Transportation Systems, Inc.