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Hub Group profit and revenue fell in Q3 2024, but intermodal load growth mitigated the damage and the carrier’s top executive is becoming more optimistic about the freight environment.

The company's results missed expectations from investment analysts on Wall Street, who had been looking for earnings per share of 23 cents and quarterly revenue of $1.33 billion.

Wall Street expects the company to report $1.3 billion in revenue and an adjusted diluted loss per share of $1.73 for the quarter that ended in September.

The Tennessee-based ground transportation and logistics services provider posted a net loss of $34.2 million, or negative $2.62 a diluted share, for the three months ending Sept. 30.

“As we get into the holiday season, we’re excited about what we have in store for customers,” CEO Andy Jassy said in a statement.

The Omaha, Neb.-based carrier’s Q3 net income fell 72% to $6.6 million, or 11 cents per share, compared with $23.7 million, 37 cents, a year ago.

XPO’s North American LTL segment, its core operation, increased revenue by 1.9% to $1.25 billion from $1.23 billion last year despite declines in shipment volumes.

The news follows PepsiCo's confirmation of the Chicago plant's full closure earlier in the week. Sales, delivery and warehouse functions will continue at the other three locations.

The Danish transport company sold a six-part bond deal with maturities ranging from two to 10 years, according to a person familiar with the matter.

The company reported third-quarter net income of $13 million, or 94 cents per share, compared with $13.5 million, 99 cents, in the year-ago period.