Echo Global Logistics Income, Revenue Jump
Echo Global Logistics reported record second-quarter net income of $7.7 million from a loss of $200,000 in the second quarter of 2017. The Chicago-based third-party logistics company reported earnings per share of 28 cents, up from a loss of minus 1 cent a share a year ago.
Net revenue rose 31%, to $106.8 million from $81.6 million.
Revenue before expenses for the transactional sector rose 35%, to $502.8 million from $371.4 million. The managed transportation sector’s revenue before expenses was $132 million, up 34% from $98.7 million. Transportation costs for the two sectors totaled $528 million, a rise of 36% from $388.5 million.
In July, Echo purchased virtually all the assets of Freight Management Plus Inc., an Allison Park, Pa.,-based 3PL firm that specialized in less-than-truckload managed transportation solutions. Echo reported that Freight Management generates about $15 million in annual revenue.
