- HUBG
- ^IXIC
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Patrick O’Donnell has been named CFO-elect, while Todd Heeter continues as interim CFO overseeing restatement.
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The company expects a first-half operating loss due to higher fuel, rail, and drayage costs, as well as excess logistics capacity.
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Hub Group expects first-half consolidated operating revenue of $1.70 billion to $1.80 billion, broadly in line with its expectations.
Hub Group Inc. (HUBG) shares tumbled in Monday’s premarket after the company announced that it expects to receive a Staff Delisting Determination letter from Nasdaq as it needs additional time to become current with its financial reporting obligations.
The determination would not immediately suspend trading or delist the stock. The firm also clarified that it intends to request a hearing before the Nasdaq Hearings Panel to appeal the determination within seven calendar days of receipt of the determination.
Hub Group said it needs additional time to complete the restatements and related audits of its financial statements and expects to complete the filings in the fourth quarter of 2026.
HUBG’s New Leadership
At the same time, Hub Group announced a leadership shake-up Monday, bringing back David Yeager as chairman and CEO, as the transportation and logistics company works to complete its financial restatement and delayed filings.
Meanwhile, Patrick O’Donnell has joined Hub Group as a special advisor and CFO-elect and is expected to take over as CFO after the company files its 2025 annual report on Form 10-K. Todd Heeter will remain interim CFO and continue leading the company’s financial restatement efforts.
The leadership changes come as Hub Group disclosed preliminary first- and second-quarter 2026 results and warned that it expects an operating loss for the first half of the year, before one-time charges.
HUBG Expects H1 Operating Loss
The firm said that operating results were impacted by higher fuel, rail and drayage costs which weighed on its Intermodal and Transportation Solutions business, while excess capacity in its Consolidation and Fulfillment operations pressured its Logistics segment. The company also incurred incremental costs related to its ongoing accounting review and financial restatement.
Hub Group did not provide an operating loss range because its financial closing procedures are still underway.
