Echo Global’s Income Declines
Echo Global Logistics Inc. said its profit fell in the fourth quarter due to weak demand in November that only partially recovered in December.
Echo’s net income dropped to $2.7 million, or 12 cents a share, from $3.3 million, or 14 cents, a year earlier. Revenue increased 4.8% in the same period to $221.3 million.
“Our top-line results were negatively impacted by weak demand in November, which only partially recovered in December,” Echo CEO Doug Waggoner said in a Feb. 6 statement. “Since we are a growth company, committed to long term market share gains, many of our operating costs are fixed long term investments in our people, technology, and services. This dynamic makes our quarterly earnings subject to short term market fluctuations, and resulted in a decrease in our fourth quarter earnings both on a year over year basis, and sequentially.”
Net income for the full year grew to $14.2 million, or 61 cents a share, from $12.3 million, or 54 cents, in 2012. Revenue increased 16.7% to $884.2 million.
Echo’s operating income for the quarter was $4.1 million, or 11 cents a share, compared with $6.1 million, or 15 cents, a year earlier. Those figures exclude losses from an acquisition and other charges.
