Analyst Note
| Matthew Young, CFA |Narrow-moat Hub Group reported solid second-quarter results. Revenue rose 43% year over year, above our expected run rate due to stronger-than-expected intermodal yields (namely spiking fuel surcharges). Relative to the year-ago period, top-line growth came from rising fuel surcharges, pricing strength supported by tight truckload and intermodal market capacity, and the late 2021 Choptank acquisition in truck brokerage.