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Radiant Logistics, Inc. (NYSE American:RLGT), a $274 million logistics company with annual revenues of $888 million, announced a change in its independent registered public accounting firm. On Monday, the company was informed that Moss Adams LLP, its former auditor, merged with Baker Tilly US, LLP. As a result, Moss Adams resigned, and Baker Tilly was appointed as the new auditor. According to InvestingPro analysis, the company maintains strong financial health with a current ratio of 1.49 and moderate debt levels.
The decision was approved by the Audit Committee of Radiant Logistics’ Board of Directors. The audit reports from Moss Adams for the fiscal years ending June 30, 2024, and 2023, were not qualified or modified concerning uncertainty, audit scope, or accounting principles. The company has maintained profitability over the last twelve months, with analysts expecting continued net income growth this year.
During the periods mentioned, no disagreements were reported between Radiant Logistics and Moss Adams on any accounting principles or practices. However, there were material weaknesses related to revenue recording and processing, as well as the design and operation of IT general controls, which were disclosed in the company’s annual reports for the fiscal years ending June 30, 2024, and 2023. For deeper insights into Radiant Logistics’ financial health and performance metrics, including detailed analysis of operational efficiency and growth potential, investors can access comprehensive research through InvestingPro, which currently indicates the stock is trading below its Fair Value.
Radiant Logistics did not consult Baker Tilly regarding any specific transactions or audit opinions prior to this appointment. The company provided Moss Adams with a copy of this report before filing with the Securities and Exchange Commission (SEC). Moss Adams has been requested to furnish a letter to the SEC confirming agreement with the statements in the report.
This information is based on a press release statement filed with the SEC.
In other recent news, Radiant Logistics Inc (NYSE:RLGT). reported a robust performance for the third quarter of fiscal year 2025, outperforming earnings expectations with an earnings per share (EPS) of $0.14, compared to the forecasted $0.02. The company’s revenue reached $214 million, surpassing the anticipated $198.33 million. Radiant Logistics achieved a net income of $2.54 million, a significant turnaround from a loss of $703,000 in the previous year. The company also saw a 91.9% increase in adjusted net income and an 80.5% rise in adjusted EBITDA, reflecting its strategic focus on acquisitions and operational efficiencies. Market analysts noted the company’s strong balance sheet and recent acquisitions as factors contributing to its optimistic long-term growth outlook. Despite ongoing trade tensions and tariffs posing challenges, Radiant Logistics remains focused on leveraging its diverse service offering and robust technology platform. The company is also actively pursuing strategic acquisitions to bolster its market position. Analysts from firms like Cowen and Vertical Research Partners have engaged with the company, highlighting its adaptability in navigating trade disruptions and its strategic measures to mitigate risks.
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