EGL SAYS SHIPMENTS REMAIN SOFT IN MARCH
EGL Inc., which operates under the name EGL Eagle Global Logistics, said March shipment volumes continued to suffer the effects of a slowing economy.
The Houston-based transportation and supply chain management company said it didn't see sharply increased volumes in March compared to January and February activity, as the company has experienced in the past two years. Instead North American priority shipments declined 2 percent compared to January levels, while deferred shipments improved 1 percent.
March activity was slightly below last year's levels, EGL said, and that customers have begun converting shipments from air to ground during the first quarter. Priority shipments in North America fell 7 percent in the quarter, while deferred shipments increased 7 percent.
'We are seeing the impact of the weak economy on our business,' said Elijio Sarrano, EGL's chief financial officer. 'Our first quarter results were negatively impacted by the lack of volume growth, and we expect first-quarter earnings to be significantly less than is currently anticipated by analyst consensus estimates.'