Roadrunner Sells Intermodal Business to Universal Logistics for $51 Million | Transport Topics (2024)

Sale Comes After Net Loss of $97.8 Million in Q3

Roadrunner Sells Intermodal Business to Universal Logistics for $51 Million | Transport Topics (1)

The intermodal business had revenue of approximately $125 million for the 12 months ended Sept. 30 and was part of the company’s truckload segment, according to Roadrunner officials. (Roadrunner Transportation Systems Inc.)

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Roadrunner Transportation Systems has sold its intermodal business to Universal Logistics Holdings for $51.25 million in cash, the company announced Nov. 5, after a disappointing third quarter in which the company was hit with costly strikes and computer malware attacks.

The sale preceded the Nov. 6 announcement of earnings for the third quarter of 2019, in which Roadrunner posted a net loss of $97.8 million, more than double the net loss of $41.6 million in the same year-ago quarter.

Roadrunner Sells Intermodal Business to Universal Logistics for $51 Million | Transport Topics (2)

Stoelting

The loss per share was $2.60 for the quarter ended Sept. 30 compared with a loss of $26.99 in the same quarter last year.

Revenue decreased 14% to $459.1 million from $536.6 million in the third quarter a year ago.

Roadrunner officials said the General Motors Co. strike and a malware attack hit the company in the quarter, both costing the Downers Grove, Ill.-based company $24 million in September alone.

CEO Curt Stoelting told analysts on a Nov. 6 conference call that the trucking company believed the third quarter would be difficult, with lower freight volumes and softening rates that came with them. But new challenges also arose.

“We expected some bumps in the road, and we certainly got them,” Stoelting said on the call.

It wasn’t just about the softer freight volume in the quarter, a problem many freight companies had, Roadrunner officials said. Stoelting and Roadrunner executives told analysts that a malware attack on the computer systems cost the company about $7 million in September. The attack problems continued into the present fourth quarter, costing an additional $3 million in October, company officials said.

The malware attack affected freight visibility, leading to delays in shipments, Stoelting said.

Stoelting and other officials said the bigger, costlier problem in the third quarter was the GM strike. GM is Roadrunner’s biggest customer, Stoelting said, and the work stoppage cost Roadrunner $17 million in September, and will cost $31 million more in October, part of the present fourth quarter. GM and the United Auto Workers agreed to end the six-week strike in late October.

Bruce Chan of Stifel Capital Markets asked Stoelting what the freight environment looked like for Roadrunner outside of those two events, with officials responding that Roadrunner had no unique perspective outside of noting the general softness that hit the U.S. freight market in the third quarter.

Roadrunner Sells Intermodal Business to Universal Logistics for $51 Million | Transport Topics (3)

Chief Financial Officer Patrick Unzicker told analysts the recent sale of Roadrunner Intermodal Services will help the company’s liquidity in the fourth quarter. The sale was completed outside of the third quarter, on Nov. 5.

Unzicker said the company had $35 million in cash on hand, excluding the sale’s proceeds.

The company said the sale of the intermodal division will eliminate $22.3 million in debt and 700 power units. Roadrunner officials said the proceeds also will repay finance leases and debt associated with Roadrunner Intermodal Services, and pay transaction costs, with the remaining cash available for general corporate purposes.

Roadrunner Intermodal Services provides drayage and chassis management services to transport freight among ocean ports, rail ramps and shipping docks through 23 U.S. terminals. The intermodal business had revenue of approximately $125 million for the 12 months ended Sept. 30 and was part of the company’s truckload segment, according to Roadrunner officials.

The sale of the intermodal division will simplify the company’s portfolio by focusing on logistics and asset-light less-than-truckload segments to improve operating performance, Stoelting said in the earnings release. Universal Logistics was a good fit for the intermodal services business, he added.

Roadrunner has been attempting to adjust its business model after a 2017 accounting scandal and a softer freight market in 2019.

In April, the Securities and Exchange Commission formally charged former Chief Financial Officer Peter Armbruster and two of his associates with accounting fraud and misleading investors about the company’s financial results.

Armbruster was accused of hiding expenses by improperly deferring and spreading them across multiple quarters to minimize the impact on net earnings.

On Sept. 30, Roadrunner announced that it would lay off 450 employees and downsize its dry van business, a truckload segment the company said had become unprofitable. Roadrunner officials told analysts Nov. 6 that the downsizing will eliminate another 350 power units and five terminals.

Roadrunner ranks No. 17 on the Transport Topics Top 100 list of the largest for-hire carriers in North America.

Universal Logistics Holdings, based in Warren, Mich., provides transportation and logistics services, including dry van and flatbed truckload, intermodal and freight brokerage, dedicated contract carriage, and warehousing and distribution.

Universal ranks No. 28 on the for-hire TT100 and No. 27 on the Transport Topics Top 50 list of the largest logistics companies in North America.

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Roadrunner Sells Intermodal Business to Universal Logistics for $51 Million | Transport Topics (2024)

FAQs

Who bought Roadrunner Intermodal? ›

Roadrunner Transportation Systems has sold its intermodal business to Universal Logistics Holdings for $51.25 million in cash, the company announced Nov.

How much did Roadrunner sell for? ›

Robinson for $225 Million.

What happened to Roadrunner Transportation? ›

February 14, 2023 – The Securities and Exchange Commission today announced settled charges against Roadrunner Transportation Systems, Inc. for engaging in a multi-year accounting fraud scheme from at least July 2013 through January 2017. Roadrunner is a shipping and logistics company based in Downers Grove, Illinois.

How long has Roadrunner Freight been in business? ›

The company, founded in 1984 in the Milwaukee area, merged with another LTL carrier, Dawes Transport, in 2005, brought together by Thayer Capital Partners.

How does RoadRunner make money? ›

How does RoadRunner make money? RoadRunner operates through a shared savings model. We split any savings 50/50 with our customers. We are able to guarantee our customers savings by offering better than market rates.

Who are RoadRunner competitors? ›

Top 4 Roadrunner competitors
  • Recycle Track Systems.
  • TerraCycle.
  • Soft-Pak.
  • Intelex Technologies.

Did Road Runner ever get caught? ›

The concluding scene of the film, in which Wile E. Coyote has successfully captured the Road Runner but is unable to eat him, having shrunk down to a much smaller size than the Road Runner. "Soup or Sonic" was directed by Chuck Jones and Phil Monroe.

How many road runners did they make? ›

Only 7,183 Road Runners were built in 1975, and most (just over 50%) had the 318 engine. Although the name of the Road Runner model was based on changed from Belvedere to Satellite to Fury, the Road Runner remained a B-body through 1975.

How much is a 1970 Road Runner worth today? ›

According to Hagerty, a Road Runner example in pristine shape will likely go for more than $75,000. A '70 Road Runner equipped with a HEMI V8 engine could go for over $100,000 with ease. Today, collectors are more than willing to throw down a pretty penny for a muscle car that was a complete game-changer for its time.

Why did Road Runner go to jail? ›

(Roadrunner), a publicly-traded trucking and logistics company formerly headquartered in Cudahy, Wisconsin, was sentenced yesterday in the Eastern District of Wisconsin to 24 months in prison for his role in a complex securities and accounting fraud scheme.

Is Roadrunner Transportation legit? ›

Is RoadRunner Auto Transport a legitimate company? Yes, RoadRunner Auto Transport is a legitimate auto shipping broker connecting customers with carriers. The New York–based company works with over 14,000 carriers who provide services throughout the U.S. and Caribbean.

Who is the CEO of Roadrunner Freight? ›

Mark DiBlasi - CEO - Roadrunner Transportation Services | LinkedIn.

Is Roadrunner still around? ›

Roadrunners inhabit the Southwestern United States, to parts of Missouri, Arkansas, and Louisiana, as well as Mexico and Central America.

How many times has Roadrunner been caught? ›

Coyote Caught the. Roadrunner...and Regretted it! twist, with the Roadrunner able to escape.

Who invented Roadrunner? ›

4 Things You Didn't Know About Chuck Jones, Brilliant Creator Of Road Runner And Wile E. Coyote.

Do roadrunner employees get commission? ›

Working at RRS

Good atmosphere, if you can sell, you'll make good money on commission!

How much is Roadrunner Records worth? ›

Warner has purchased Roadrunner Records for $73.5 million. In the United States, Roadrunner will become a freestanding label group within WMG's Atlantic Records Group.

What makes roadrunner unique? ›

The roadrunner's distinctive X-shaped footprint—with two toes pointing forward and two backward—are used as sacred symbols by Pueblo tribes to ward off evil. The X shape disguises the direction the bird is heading, and is thought to prevent evil spirits from following.

Is roadrunner an LTL carrier? ›

Roadrunner's expansive network offers high-quality LTL shipping services for freight of all shapes and sizes. Focused on long-haul major metro to major metro lanes, Roadrunner's commitment remains the same on all shipments – to deliver your LTL freight on time, intact and damage-free.

Who is faster speedy or roadrunner? ›

However I would say if they were neck in neck the whole time, then considering the roadrunners much larger stride, speedy Gonzales is objectively faster by scale.

What does roadrunner run? ›

The Roadrunner walks and runs on the ground, flying only when necessary. It can run 15 miles per hour, probably with much faster spurts when chasing a fast-running lizard or other prey. Its prowess as a rattlesnake fighter has been much exaggerated, but it does eat a remarkable variety of smaller creatures.

Who kills Road Runner? ›

After killing the Road Runner, Wile E. Coyote has been questioning his purpose in life. After killing the Road Runner, Wile E. Coyote has been questioning his purpose in life.

Is it MEEP MEEP or beep beep? ›

Although commonly quoted as "meep meep", Warner Bros., the current owner of all trademarks relating to the duo, lists "beep, beep" as the Road Runner's sound, along with "meep, meep." According to animation historian Michael Barrier, Julian's preferred spelling of the sound effect was either "hmeep hmeep" or "mweep, ...

Did Road Runner have a girlfriend? ›

Nellie Runner is a lovely pink female roadrunner who appered in The Bird Races as one of the roadrunners who appered at the race then later was Road Runner's girlfriend.
...
Nellie Runner
Voiced byKristen Wiig
8 more rows

How much is a 1969 Road Runner worth today? ›

1969 Plymouth Road Runner
STATUSSELLER
FOR SALE $84,995Streetside Classics updated Apr 28, 2023
FOR SALE $59,000Gateway Classic Cars updated Apr 12, 2023
FOR SALE $121,000Gateway Classic Cars updated Mar 7, 2023
FOR SALE $57,000Gateway Classic Cars updated Jan 26, 2023
21 more rows

How many babies do road runners have? ›

Nesting Facts
Clutch Size:2-6 eggs
Number of Broods:1-2 broods
Egg Length:1.4-1.8 in (3.5-4.6 cm)
Egg Width:1.1-1.3 in (2.8-3.3 cm)
Incubation Period:19-20 days
2 more rows

How many locations does Road Runner Sports have? ›

OUR 40 STORES IN 12 STATES.

How much is a 1970 Superbird worth today? ›

A: The top sale price was $1,650,000 for a 1970 PLYMOUTH HEMI SUPERBIRD on July 02 2022.

How fast does a 1970 Plymouth Road Runner go? ›

For the 1970 model year, a new bird barged into town - the all-new 1970 Plymouth Road Runner Superbird. Given an ultra-aerodynamic body shape, this new bird had a factory top speed of 150 mph. With a few changes, the car could launch to a top speed of 180 mph.

What is the rarest Roadrunner? ›

The HEMI cars are by far the rarest with only 1,009 built in 1968, 787 sold in 1969, and 152 in 1970.

Where is Pistorius now? ›

Pistorius' conviction eventually led to him being sent to the Kgosi Mampuru II maximum security prison, one of South Africa's most notorious. He was moved to the Atteridgeville prison in 2016 because that facility is better suited to disabled prisoners.

What is the Road Runner controversy? ›

Filmmaker Morgan Neville found himself at the center of controversy late last week when he admitted that he used artificial intelligence to simulate the voice of Anthony Bourdain in his latest documentary, “Roadrunner: A Film About Anthony Bourdain,” about the beloved cook, author and television personality who died ...

Why did they cancel Road Runner? ›

In 1971, ABC picked up The Road Runner Show and ran for two seasons until 1973, when the network dropped the show due to its excessively aggressive scenes.

Who owns Roadway Trucking? ›

How fast is Roadrunner shipping? ›

Is Roadrunner Freight delivery fast? Freight delivery times are surprisingly fast compared to standard sending services. In the United States, packages are usually delivered within 1 or 2 business days.

Who bought Roadway Express? ›

Roadway Express
TypeSubsidiary
Founded1930 in Akron, Ohio
FoundersCarroll Roush Galen Roush
Defunct2009
FateMerged with YRC subsidiary Yellow
5 more rows

Who owns Raven trucking? ›

Raven Transport was formed in October 1985, and is privately owned by W. Randolph Lee, who has assembled and developed an experienced team of transportation specialists dedicated to meeting your trucking needs.

Who is the owner of Raven Transport? ›

Randy Lee - Owner - Raven Transport | LinkedIn.

Who is the vice president of Roadrunner? ›

John Zajewski serves as the Vice President Operations-Central Region of Roadrunner Transportation Systems.

Is roadrunner in Parker closing? ›

It's the end of an era on the Parker Strip. After more than 50 years in business, the Roadrunner Floating Dock Bar and Restaurant will be closing as of Sept. 30. The Roadrunner, located at 7000 Riverside Drive on the Parker Strip north of Parker, had become one of the institutions on the Colorado River.

Where is roadrunner available? ›

Roadrunner: A Film About Anthony Bourdain (HBO)

What state has the Roadrunner? ›

The greater roadrunner is the official New Mexico state bird. The greater roadrunner, a member of the cuckoo family, is one of the most iconic birds of New Mexico—so much so, it is the official state bird!

Who runs after Road Runner? ›

In each episode, the cunning, devious and constantly hungry coyote repeatedly attempts to catch and subsequently eat the Road Runner, but is successful in catching the Road Runner (but not eating him) on only extremely rare occasions.
...
Wile E. Coyote and the Road Runner
GenderMale (both)
7 more rows

What is Wile E. Coyote's real name? ›

The "E" in Wile E. name stands for "Ethelbert", thus making his full name to be "Wile Ethelbert Coyote". Although his role is small, Wile E. Coyote is the most recurring antagonist in Season 1 of The Looney Tunes Show because he had bigger plans and was far more dangerous than anyone else.

What does Wile E. Coyote stand for? ›

Wile E. Coyote's name is an obvious pun on the word "wily." His middle initial, "E", is said to stand for "Ethelbert" in one issue of Looney Tunes & Merrie Melodies Comics, but its cartoonist did not intend to make it part of the official continuity, making his middle name non-canon to the show.

What gender is the Road Runner? ›

Character Details for Road Runner
Species:Bird
Gender:Male
Debut:1949
Created by:Chuck Jones
Appears in:Fast and Furry-ous Zipping Along Complete List of Road Runner Cartoons
3 more rows

Why is it called a Roadrunner? ›

The funny-acting roadrunner gets its name from a habit of streaking like a pint-size racehorse down roadsides. With long, skinny yet strong legs, a long tail for balance and an outstretched neck and beak, the roadrunner could be called the thoroughbred of running birds because it can reach speeds of 18 mph.

How old is Roadrunner? ›

Sexual maturity is reached at two to three years of age, and the greater roadrunner's lifespan is seven to eight years.

Who bought A&R Transport? ›

Since being acquired by Chicago-based equity firm Wind Point Partners in 2019, A&R Logistics has been on a buying spree to expand its fleet footprint and grow its comprehensive suite of supply chain services, including warehousing, packaging and transportation focused on the chemicals and plastic industry.

Who owns intermodal Group? ›

Wholly-owned by the Australian Government, National Intermodal is an independent developer of critical logistics infrastructure.

Is Roadrunner Warner Bros? ›

The Road Runner Show is an American Saturday morning animated anthology series which compiled theatrical Wile E. Coyote and the Road Runner cartoons from the Looney Tunes and Merrie Melodies, which were produced by Warner Bros.

Who bought XPO intermodal? ›

The XPO intermodal division acquired by STG is North America's third largest provider of containerized transportation services, providing intermodal drayage and rail brokerage services for retailers, manufacturers, third party logistics providers, and other types of customers.

Did A&R Transport sell out? ›

Wind Point Partners, a Chicago-based private equity investment firm, has acquired A&R Logistics and will partner with management to expand the company's business and make additional acquisitions, according to a statement issued May 7.

Who owns AR logistics? ›

In October 2021, Eades Transport purchased Adelaide Refrigerated, merging the two refrigerated businesses to form AR Logistics.

Who bought Montgomery Transport? ›

NEW YORK— One Equity Partners (“OEP”), a middle market private equity firm, today announced that it has completed its investment in Montgomery Transport (or “the Company”), a leading over-the-road flatbed transportation and logistics provider.

Who is the largest intermodal company? ›

Top Intermodal/Drayage Carriers
RankCompanyRevenue (000)
1J.B. Hunt Transport Services5,453,500
2Hub Group2,391,500
3Evans Delivery1,225,000
4Schneider1,100,000
23 more rows

Does Fedex use intermodal? ›

With hundreds of multi-round bid engagements under our belt, our team helps procure all modes of transportation, including truckload, LTL, parcel, intermodal, expedited, ocean freight, air freight, and specialized transportation.

Is intermodal trucking profitable? ›

Intermodal trucking can be profitable, but not always.

Further, trucking is often the cheapest and most efficient way for companies to get goods to railyards or more rural locations. Overall, the average gross profit margin for intermodal trucking as of 2021 is 13.8%.

Has Road Runner been caught? ›

The concluding scene of the film, in which Wile E. Coyote has successfully captured the Road Runner but is unable to eat him, having shrunk down to a much smaller size than the Road Runner.

What was Road Runner original name? ›

The roadrunners (genus Geococcyx), also known as chaparral birds or chaparral co*cks, are two species of fast-running ground cuckoos with long tails and crests. They are found in the southwestern and south-central United States and Mexico, usually in the desert.

What did Road Runner used to be called? ›

Although the name of the Road Runner model was based on changed from Belvedere to Satellite to Fury, the Road Runner remained a B-body through 1975.

Why did XPO change its name? ›

The spin-off is named RXO to reflect the company's commitment to provide reliability multiplied by outperformance. RXO will go to market with the tagline “Massive capacity. Cutting-edge technology.” XPO unveiled the new company's identity on a landing page, RXO.com, where visitors can register to receive news about ...

Is XPO changing its name? ›

Effective December 19, 2022, XPO Logistics, Inc. will change its name to XPO, Inc.

What trucking company did XPO buy? ›

(March 2014), Norbert Dentressangle SA (April 2015) and Con-way Inc. (October 2015). XPO paid US$3.56 billion, including acquired debt, for European transport company Norbert Dentressangle and US$3 billion for Con-way Inc. XPO sold their truckload division (acquired from Con-Way) to TransForce for $558 million in cash.

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