EGL’s 3rd quarter profit up 2%

EGL’s 3rd quarter profit up 2%    Houston-based EGL Inc. reported net income of $19.5 million in the third quarter, up 2 percent compared to $19.2 million a year ago.
   EGL operates under the name EGL Eagle Global Logistics. The company’s operating income in the latest quarter dropped 8 percent to $30.2 million from $33 million in the third quarter 2005. Gross revenue for the period improved 7 percent to $832.7 million from $779.5 million last year.
   Net revenues increased 7 percent to $265.5 million compared with $246.9 million in the third quarter 2005. The company’s net revenue margin, defined as net revenues divided by gross revenues, improved to 31.9 percent in the latest quarter, from 31.7 percent a year earlier.
   “Our gross revenues increased in the third quarter reversing the temporary decline experienced in the second quarter as we continue to increase revenue with existing customers and win business from new customers,” said EGL Chief Executive Officer Jim Crane.
   “We also had several very successful logistics implementations in the quarter that grew our customs, logistics and other net revenue by 17 percent during the quarter. We continue to focus the organization on profitable revenue and operating income growth across all product lines in all geographic locations.”
   After nine months, EGL’s net income was up 16 percent to $45.4 million. Operating income was up by the same percentage to $78.6 million with gross revenue up 4 percent to $2.36 billion. Net revenue after three quarters was up 8 percent to $752.3 million with net revenue margin of 31.9 percent from 30.8 percent in the same period last year.