EGL’s first-quarter net income up 114%
Houston-based forwarder EGL Inc., which trades as EGL Eagle Global Logistics, increased its net income 114 percent in the first quarter to $6 million, as it attracted more revenue from international air and ocean freight forwarding.
Operating income jumped to $11 million in the latest quarter from $5 million in the first quarter of 2003.
Gross revenues increased21 percent to $586 million, and net revenue of $200.4 million marked a record high for the company.
“We experienced 21-percent growth in gross revenues and a 20-percent growth in net revenues despite the continued shift to deferred shipments in the North America forwarding market,” said EGL chief executive officer Jim Crane. “As the economy continues to recover, our low cost domestic network is positioned to benefit from customers expediting product from overseas suppliers directly to U.S. distribution and retail centers.”
EGL reported a 17-percent increase in air freight revenues for the quarter, with a 26-percent increase in ocean revenues and a 32-percent increase in revenue from customs brokerage and logistics.
But North America ground volumes continued to reflect the shift from priority to deferred shipments and EGL’s priority volumes declined 11 percent.