PR: Echo Global Logistics reports Q2 '20 results

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PRESS RELEASE

Jul 22, 2020: Echo Global Logistics, Inc. (NASDAQ: ECHO), a leading provider of technology-enabled transportation management services, today reported financial results for the quarter ended June 30, 2020.

“The second quarter was one of the most volatile we’ve ever seen, with market conditions changing dramatically in just three short months,” said Doug Waggoner, Chairman of the Board of Directors and Chief Executive Officer at Echo. Mr. Waggoner continued, “I’m pleased with our team’s ability to respond and encouraged by the increasing business volume we’ve seen in the second half of the quarter and continuing into July.”

Second Quarter 2020 Highlights

– Revenue decreased 7.1% to $514.7 million from the second quarter of 2019; Net revenue⁽¹⁾ decreased 12.5% to $88.0 million from the second quarter of 2019

– Truckload (“TL”) volume increased 3.3% from the second quarter of 2019

– Less than truckload (“LTL”) revenue decreased 14.2% to $141.6 million from the second quarter of 2019; TL revenue decreased 2.8% to $352.2 million from the second quarter of 2019

– Managed Transportation revenue decreased 6.1% to $117.9 million and Transactional revenue decreased 7.3% to $396.8 million from the second quarter of 2019

– Net revenue margin⁽¹⁾ decreased to 17.1% in the second quarter of 2020 from 18.2% in the second quarter of 2019

– Net income decreased to $1.0 million, compared to $5.1 million in the second quarter of 2019

– Fully diluted EPS decreased to $0.04 in the second quarter of 2020; non-GAAP fully diluted EPS⁽¹⁾ decreased to $0.19 in the second quarter of 2020

– Adjusted EBITDA⁽¹⁾ declined 35.9% to $14.8 million, compared to $23.1 million in the second quarter of 2019

To read the full release, please click here.

The Q2 ’20 financial review presentation can be found here.

The Form 8-K is here.

In weak stock markets, its shares rose almost 7% on Thursday, the day after the interims were announced.