Echo Logistics remains optimistic
Chicago (IL, USA)-headquartered Echo Global Logistics has reported its financial results for Q3/2020. Revenue rose by 23.2% to USD 691.5 million while net revenue increased by 3.6% to USD 100.4 million compared to Q3/2019. FTL volumes grew 13.6% from Q3/2019, and TL revenue increased 32.3% to USD 488.2 million.
Less than truckload (LTL) volumes went up by 6.6% and LTL revenue rose 4.7% to USD 175.5 million. The increase in Q3/2020 revenue was primarily the result of revenue growth per shipment in FTL as well as the rise of volumes in both FTL and LTL.
For the period from January to September 2020, revenue increased in total by 6.3% to almost USD 1.8 billion, as income from operations declined 54.2% to USD 13.5 million and net income dropped 63.9% to USD 4.8 million.
Looking ahead, the company remains very encouraged and expects revenue for Q4/2020 to be between USD 675.0 million and USD 725.0 million. (sh)