Radiant Posts Higher Earnings; Echo Global, Forward Air Slip

Three transportation and logistics companies reported quarterly earnings after the market closed Feb. 8, with two that recorded year-over-year declines and one that showed improvement.

Echo Global Logistics Inc. lost $3 million in the fourth quarter, or 10 cents per share. One year ago, it earned $1.7 million in profit, or 6 cents. Revenue was relatively unchanged at $406.9 million, but after deducting brokered transportation costs, it dropped 11% to $71.1 million in the quarter. Industry analysts forecast $66,000 in earnings for the quarter, or a penny per share, on $416.4 million in revenue, according to a Bloomberg News survey.

For the full year, revenue after transportation costs was up 9.8% to $318.6 million, but Echo earned only $1.6 million in profit, down 80%.

Truckload volume rose only 0.6% in the fourth quarter but increased 3.7% for less-than-truckload year-over-year. Echo generated 68% of its revenue from truckload brokerage, 27% from less-than-truckload and 5% from intermodal brokerage and other services.

The Chicago-based third-party logistics provider ranks No. 35 on the Transport Topics Top 50 list of the largest logistics companies in North America, based on net revenue after transportation costs were deducted.

Radiant Logistics was the sole logistics provider in the group that posted higher earnings on a year-over-year basis in the quarter. The company earned $2.6 million in net income, up from a $2 million net loss during the same period in 2015. Revenue in the quarter was $198.9 million, but after transportation costs were deducted, the net revenue rose 5.3% to $50.1 million.

In January, Radiant expressed its intent to acquire Lomas Logistics, a Canadian third-party logistics provider that generated about $17.3 million in revenue in 2016, measured in Canadian dollars. Radiant expects the deal to be approved by March 31.

The Bellevue, Washington, company ranks No. 48 on the TT logistics 50.

Net income declined significantly during the quarter and the full year at Forward Air Corp., even as the Greeneville, Tennessee, carrier boosted revenue in both periods, year-over-year.

All four major divisions were profitable for the quarter and the year, except for premium truckload, which posted an annual loss.

“Our expedited LTL group continued to improve its linehaul and dock efficiencies despite the seasonally busy fourth quarter,” Forward Chairman and CEO Bruce Campbell said in the Feb. 8 earnings statement.

“Truckload premium services grew its revenue but incurred higher broker utilization as it onboarded new business. Our Intermodal group performed well amid margin pressure, reflecting the integration of Triumph, while our pool distribution segment did a great job ramping up its recent new business wins,” Campbell said in breaking out results by segment.

Forward earned $12.7 million, or 42 cents a share, on quarterly revenue of $264.8 million. During the last three months of 2015, the company generated net income of $23.2 million, or 75 cents, on revenue of $256.4 million.

The LTL division generated 58% of Forward’s revenue and 139% of operating income.

The division’s quarterly operating ratio deteriorated modestly to 86.1 from 85.4.

Annually, Forward earned $27.7 million, or 90 cents, on revenue of $982.5 million. In 2015, the company had net income of $55.6 million, or $1.78, on revenue of $959.1 million.

Forward Air ranks No. 35 on the Transport Topics list of the Top 100 largest for-hire carriers in the United States and Canada.