Hub Group, Inc. (NASDAQ:HUBG) Q3 2022 Earnings Conference Call October 27, 2022 5:00 PM ET
Company Participants
David Yeager - Chief Executive Officer
Phillip Yeager - President and Chief Operating Officer
Geoff DeMartino - Executive Vice President, Chief Financial Officer and Treasurer
Conference Call Participants
Todd Fowler - KeyBanc
Jon Chappell - Evercore ISI
Elliot Alper - Cowen
Scott Group - Wolfe Research
Brian Ossenbeck - JPMorgan
Thomas Wadewitz - UBS
Bascome Majors - Susquehanna
Bruce Chan - Stifel
Justin Long - Stephens
David Zazula - Barclays
Operator
Hello and welcome to the Hub Group Third Quarter 2022 Earnings Conference Call. Dave Yeager, Hub’s CEO; Phil Yeager, Hub’s President and Chief Operating Officer; and Geoff DeMartino, Hub’s CFO, are joining me on this call. At this time, all participants are in a listen-only mode. [Operator Instructions]
Any forward-looking statements made during the course of the call or contained in the release represent the company’s best good faith judgment as to what may happen in the future. Statements that are forward-looking can be identified by the use of words such as believe, expect, anticipate and project and variations of these words. Please review the cautionary statements in the release.
In addition, you should refer to the disclosures in the company’s Form 10-K and other SEC filings regarding factors that could cause actual results to differ materially from those projected in these forward-looking statements. As a reminder, this conference is being recorded.
It is now my pleasure to turn the call over to your host, Dave Yeager. You may now begin.
David Yeager
Good afternoon and thank you for participating in Hub Group's third quarter earnings call. Joining me today are Phil Yeager, Hub's President and Chief Operating Officer; and Geoff DeMartino, Hub's Chief Financial Officer.
We had a strong third quarter, which resulted in doubling our year-over-year operating income. The results for the third quarter reflect our strategy of diversification, which allows Hub to be more resilient during all economic environments and helps us to mitigate the cyclical nature of the transportation market.
The fourth quarter is generally the peak of the holiday shipping season. However, judging by the feedback from our clients, this peak will be muted versus historic norms. Beyond 2022, we do acknowledge the potential for a continued softening economy, but we believe that we are positioned for success as we've taken several important steps to improve our resiliency in a down market.