EGL INC. REPORTS 43% JUMP IN SALES
'EGL Inc., the Houston-based forwarder which is purchasing Circle International Inc., said net income in its third fiscal quarter ending June 30 rose 16 percent to $8.5 million on a 43 percent jump in revenue to $213.7 million.
EGL's domestic forwarding business provided the lift, increasing 39 percent year-over-year — the highest growth rate in nine quarters. Same terminal revenue growth, a measure of existing business growth, hit 34 percent.
EGL's international business also soared in the quarter, jumping 76 percent. Total net revenue, or sales minus the direct cost of transportation, rose 38 percent to $87.9 million.
For the first nine months, net income increased 15 percent to $23.7 million on a 38 percent increase in revenue of $589.9 million.
EGL said the Circle acquisition is proceeding on schedule and should close this fall.