EGL’s 1st-quarter earnings up 54%
Houston-based forwarder EGL Inc. Monday reported its first quarter net income jumped 54 percent to $11.1 million, compared to $7.2 million in the same quarter last year.
EGL’s operating income improved 59 percent to $21.9 million, from $13.7 million in the first quarter 2005. Gross revenues increased 7 percent to $752 million over the same period.
“We continue to focus the organization on increasing net revenues across all product lines and increasing operating income in all geographic locations. Our first quarter results represent a very good start for 2006 in what traditionally has been our seasonally weakest quarter from both a revenue and earnings perspective,” said Jim Crane, EGL’s chief executive officer.
The company’s stock rose 30 cents to $53.37 at close yesterday on the Nasdaq stock exchange.