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Q4 saw record earnings levels
Hub Group saw net income for the year ended December 31, 2015 climb to US$70.9 million, up from US$51.6 million in 2014. Full year 2015 pre-tax income included one-time costs of US$2.3 million including a US$1.4 million Canadian currency translation loss and US$0.9 million of severance in Q1. Operating income increased to US$117.0 million in 2015, from US$83.9 million in 2014. Hub Group's revenue decreased 1.0% to US$3.5 billion.
Hub Group reported net income of US$22.4 million for Q4 ended December 31, 2015 compared to US$16.4 million in Q4, 2014, as revenue decreased 3.0% to US$890.0 million compared to fourth quarter 2014 revenue. The revenue decline related primarily to lower fuel revenue.
The Hub segment's revenue decreased 4.0% to US$669.0 million compared to Q4, 2014 revenue. Q4 intermodal revenue decreased 4.0% to US$446.0 million. Truck brokerage revenue increased 6.0% to US$89.0 million this quarter. Q4 Unyson Logistics revenue decreased 10.0% to US$134.0 million. Operating income was US$28.4 million, an increase of 49.0% compared to the prior year period.
The Mode segment's revenue decreased 1.0% to US$242.0 million compared to Q4, 2014 revenue. Operating income was US$6.9 million, an increase of 22.0% compared to the prior year period.
The Company’s Board of Directors has authorised the purchase of up to US$100.0 million of its Class A common stock. This authorisation expires in December 2016.