Business & Investment

Echo Global Logistics reports revenue and profits

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Echo Global Logistics reported that it took advantage of strong freight demand and tight supply, resulting in an increase in both revenue and profits in the third quarter.

Net income was $ 18.9 million, up 177.6% from $ 6.8 million in the year-ago quarter, according to a Chicago-based logistics company. Diluted earnings per share increased from 26 cents to 70 cents.

Revenue increased 42.5% from $ 691.5 million to $ 985.6 million.

Echo’s truck load increased by 51.2% compared to the third quarter of 2020 to $ 738 million. Truck load increased by 15%.

Motor carrier revenues below truck load increased 25.3% from the same quarter of 2020 to $ 219.8 million. Segment sales increased 3.1%.

Echo has signed a deal to be acquired for $ 1.3 billion Global private equity fund The Jordan Co. according to. The transaction is expected to close during the fourth quarter of this year.

When announcing the acquisition in September, the transaction provides additional resources and flexibility to continue building technology and data science platforms while strengthening value propositions to shippers and carriers. Said that it will be done.

Echo Global is 19th NS Top 50 List of Transport Topics Largest Logistics Companies In North America.

— Jerry Hirsch

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Echo Global Logistics reports revenue and profits

https://www.ttnews.com/articles/echo-global-logistics-reports-income-profit-gains Echo Global Logistics reports revenue and profits

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