Freight brokerage and managed transportation services provider Echo Global Logistics posted huge year-over-year growth, thanks in part to its acquisition earlier this year of rival brokerage firm Command Transportation.
The freight brokerage and managed transportation services provider Echo Global Logistics increased third quarter operating profits 45.6 percent year-over-year to $21 million, according to the company’s most recent financial statements.
The Chicago-based company, which earlier this year acquired fellow brokerage firm Command Transportation, said third quarter revenues grew 40.4 percent to $450 million on truckload volumes that rose 134 percent from the same period in 2014.
“In a soft market with relatively loose truckload capacity, Echo was able to continue to expand its net revenue margin and continue to win market share by focusing on the service our people provide to our clients and our carriers, all while continuing to focus on the successful integration of our acquisition of Command Transportation,” said Doug Waggoner, Echo chairman and chief executive officer.
Echo’s freight brokerage revenues rose 54.9 percent year-over-year to $375.3 million in the third quarter, while revenues from its managed transportation business declined 4.7 percent to $74.7 million compared with third quarter 2014.
“We expect full-year 2015 revenues to be in the range of $1.5 billion and fourth quarter revenues to be in the range of $410 million to $430 million,” said Kyle Sauers, chief financial officer of Echo. “This range reflects revenue growth in the range of 37 percent to 43 percent over the fourth quarter of 2014, despite the continuing headwind caused by lower fuel prices.”
Echo Q3 revenues, profits up more than 40%
