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RENTON, Wash. - Radiant Logistics (NYSE:RLGT), Inc. (NYSE American: RLGT), a key player in global transportation and logistics solutions with annual revenues of $858.7 million and a healthy current ratio of 1.41, has announced the acquisition of Transcon Shipping Co., Inc., a California-based freight forwarding company. According to InvestingPro data, RLGT operates with moderate debt levels and has maintained profitability over the last twelve months. The strategic move aims to enhance Radiant’s international capabilities in significant gateway locations such as Los Angeles, New York, and Chicago.
Transcon Shipping, established in 1997 and led by Terry Lynch, has built a substantial ocean import business with services including buyer consolidation, less-than-container-load (LCL), full container loads (FCL), and special projects handling over dimensional cargo. The company, which boasts a strong international agent network, serves customers in industries such as furniture, recreational automotive, food, and consumer goods.
For the calendar year ending December 31, 2024, Transcon reported approximately $4.0 million in normalized EBITDA on revenues of about $75.0 million. This acquisition comes as Radiant’s stock has shown strong momentum, with a 19% return over the past year and analysts setting price targets between $9 and $10 per share. Post-acquisition, the integration will see Transcon rebranded under the Radiant name throughout 2025 and will merge with Radiant’s existing operations in its key markets. InvestingPro subscribers can access detailed analysis of this acquisition’s potential impact on Radiant’s financials through comprehensive Pro Research Reports.
Terry Lynch will join Radiant as VP of Global Network Development, reporting to Randy Briggs, Radiant’s SVP International Services. Lynch expressed enthusiasm for the merger, highlighting the shared customer service values and the growth opportunities for Transcon’s employees.
Bohn Crain, Founder and CEO of Radiant, expressed that the acquisition aligns with their strategic goals, expecting it to bolster their suite of services, including inland transportation and their global trade management platform, Navegate.
Radiant Logistics, with an extensive network of offices in North America and other key global markets, offers a diverse range of services including domestic and international freight forwarding, truck and rail brokerage, customs brokerage, and various logistics solutions.
This news is based on a press release statement and includes forward-looking statements regarding future performance and strategic plans, subject to risks, uncertainties, and assumptions that could cause actual results to differ materially from expectations. For deeper insights into Radiant Logistics’ financial health, growth prospects, and detailed valuation metrics, investors can access the full suite of analysis tools available on InvestingPro, which includes over 30 additional exclusive ProTips and comprehensive financial metrics.
In other recent news, Radiant Logistics reported a significant financial performance in Q2 FY2024, with net income increasing by 556.5% year-over-year to $6.47 million. The company’s earnings per share (EPS) reached $0.14, surpassing analyst forecasts of $0.0721 by 94.5%, on revenues of $264.5 million. Radiant Logistics also completed several strategic acquisitions, including Texas-based Foundation Logistics and TCV Transportation in Missouri, as part of its growth strategy. The company anticipates challenging market conditions moving forward but remains optimistic about potential margin expansion through agency station conversions. Analyst firm TD Cowen noted the company’s strong performance, driven partly by its diverse service offerings and strategic acquisitions. Additionally, Radiant Logistics is focusing on enhancing its balance sheet and expanding its service offerings, including recent efforts in customs brokerage. Despite potential market headwinds, the company maintains a strong cash position with $20 million on hand and an untapped $200 million credit facility.
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