Echo Global Logistics Posts Record Revenue for Sixth Straight Quarter
![Echo Global Logistics Echo Global Logistics](/sites/default/files/styles/article_full_width_image/public/images/articles/echo.jpg)
Echo Global Logistics reported another record quarter for revenue and boosted its guidance for the year as demand for the company’s technology and transportation management services remains robust.
![Image](/sites/default/files/echo-logo_0.jpg)
“We have achieved our sixth quarter in a row with record revenue,” CEO Doug Waggoner said in a statement released Oct. 24, “while at the same time improving profitability.”
The Chicago-based firm earned $9.4 million, or 33 cents a share, on gross revenue of $644.8 million in the three months ended Sept. 30, compared with $2.4 million, or 9 cents a share, on gross revenue of $509.5 million in the same period a year ago. Net revenue, which is gross revenue minus the cost of purchased transportation, increased 28.3% to $111.2 million in the third quarter of 2018 from $86.7 million in 2017.
![Image](/sites/default/files/waggoner.jpg)
Waggoner
Echo said transactional revenue, which consists primarily of load matching, increased 27.2% to $510.3 million in the third quarter of 2018 from $401.2 million a year ago. Revenue from managed transportation services rose 24.1% to $134.5 million in 2018, from $108.4 million in the same period a year ago.
Looking ahead, Chief Financial Officer Kyle Sauers said the company expects gross revenue in the fourth quarter to be between $570 million and $610 million and is increasing revenue guidance for the year by $20 million to between $2.425 billion and $2.465 billion.
Echo ranks No. 40 on the Transport Topics Top 50 list of largest logistics companies in North America.