Freight brokerage and third-party services provider Echo Global Logistics reported non-GAAP diluted earnings per share of $0.24 on revenues of $405.3 million for the quarter, in-line with consensus analyst expectations.
Echo Global Logistics, Inc. revenues in the first quarter of 2015 jumped 43 percent to $405.3 million compared with the same quarter a year ago, according to the company’s most recent unaudited financial statements.
The Chicago, Ill.-based third-party logistics provider reported non- generally accepted accounting principles (GAAP) diluted earnings per share (EPS) of $0.24 per share, up from $0.23 per share in the first quarter of 2015. Both EPS and revenues were roughly in-line with consensus analyst expectations of $0.24 per share and $409.4 million, respectively.
The company reported non-GAAP earnings before interest, taxes, debt and amortization (EBITDA) grew 44 percent year-over-year to $16.5 million, or 55 percent to $17.9 million excluding $1.4 million in costs from the integration of Command Transportation. Echo purchased the truckload-oriented freight broker last April for $420 million, creating the fourth largest freight brokerage in North America.
On a GAAP basis, however, Echo posted a net income of just $0.3 million, down 92.1 percent from $3.3 million the previous year.
Echo’s truckload volumes increased 129 percent compared with the first quarter of 2015.
Looking ahead to the remainder of 2016, the company revised its full-year revenue guidance to a range of $1.7 billion to $1.78 billion due to “the impact of further declining truckload rates,” Echo Chief Financial Officer Kyle Sauers said in a statement.
“Echo continued its track record of delivering record results as our first quarter revenue and earnings significantly surpassed prior year levels,” added Chairman and Chief Executive Officer Doug Waggoner. “We continue to deliver solid performance while tirelessly working on the integration of the acquisition of Command, at a time when overall market conditions continue to be somewhat soft in terms of both demand and capacity.”
Echo boosts Q1 revenues 43%
