0001437749-26-026547
SEC filing营收增长但成本高企致利润下滑，Q2 EPS $0.32 低于去年同期。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $332.9M | $302.9M | +9.9% |
| Gross Profit | $8.8M | $11.6M | -23.5% |
| Gross Margin | 2.7% | 3.8% | -110 bps |
| Operating Income | $8.8M | $11.6M | -23.5% |
| Operating Margin | 2.7% | 3.8% | -110 bps |
| Net Income | $8.5M | $9.8M | -13.3% |
| Diluted EPS | $0.32 | $0.36 | -11.1% |
| Operating Cash Flow | $18.1M | $46.7M | -61.2% |
| Free Cash Flow | $17.3M | — | — |
Q2 营收增长 9.9% 至 $332.9M，主要受 Managed Freight 营收 +$22.0M（Star Acquisition 推动）及 Dedicated +$3.9M 驱动，但 Expedited 营收 -$9.5M 部分抵消。然而，成本端压力显著：Revenue equipment rentals and purchased transportation 同比 +$21.9M（+28.6%），主要因 Managed Freight 运力采购成本上升，导致 Operating Income 下滑 23.5% 至 $8.8M，Operating Margin 收窄 110 bps 至 2.7%。
盈利质量方面，Net Income 下滑 13.3% 至 $8.5M，但 TEL 权益法投资收益 +$1.0M 至 $5.3M 提供部分缓冲。经营现金流大幅下降至 $18.1M，主要因营运资本变动（-$35.5M）及 contingent consideration 支付（$8.3M），但资本支出大幅缩减（净 capex $0.2M vs $52.8M）使 Free Cash Flow 仍为正。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Expedited | $93.4M | -4.0% | $8.4M | 9.0% | 车队缩减但利润率改善 |
| Dedicated | $112.4M | +9.9% | $7.8M | 6.9% | 营收增长驱动利润提升 |
| Managed Freight | $99.5M | +28.4% | $1.7M | 1.7% | Star Acquisition 推动营收，但成本高企 |
| Warehousing | $26.9M | +4.5% | $1.6M | 5.9% | 新客户启动成本拖累利润率 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $2.6M | -$2.3M |
| Total Debt | $289.1M | -$6.6M |
| Net Debt | $286.5M | -$4.3M |
| Operating Cash Flow | $18.1M | -$28.6M |
| Capex | $45.2M | -$24.7M |
| Free Cash Flow | $17.3M | — |
Net Debt/EBITDA 未披露，但净债务下降主要因 fleet downsizing 及出售设备。