Three transportation and logistics companies reported quarterly earnings after the market closed on Feb. 8, with two that recorded year-over-year declines and one that showed improvement.
Echo Global Logistics, Inc. lost $3 million in the fourth quarter, or a negative 10 cents per share. One year ago, it earned $1.7 million in profits, or 6 cents. Revenue was relatively unchanged at $406.9 million, but after deducting brokered transportation costs dropped 11% to $71.1 million in the quarter. Industry analysts forecasted $66,000 in earnings for the quarter, or a penny per share, on $416.4 million in revenue, according to a Bloomberg News survey.
For the full year, revenue after transportation costs was up 9.8% to $318.6 million, but only earned $1.6 million in profits, down 80%.
Truckload volume rose only 0.6% in the fourth quarter, but increased 3.7% for less-than-truckload year-over-year. Echo generated 68% of its revenue from truckload brokerage, 27% from less-than-truckload and 5% from intermodal brokerage and other services.
The Chicago third-party logistics provider ranks No. 35 on the Transport Topics Top 50 list of the largest logistics companies in North America, based on net revenue after transportation costs were deducted.
Radiant Logistics was the sole logistics provider that posted higher earnings on a year-over-year basis in the quarter. The company earned $2.6 million in net income, up from a $2 million net loss during the same period in 2015. Revenue in the quarter was $198.9 million, but after transportation costs were deducted the net amount rose 5.3% to $50.1 million.
Last month, Radiant expressed its intent to acquire Lomas Logistics, a Canadian third-party logistics provider that generated about $17.3 million in revenue in 2016, measured in Canadian dollars. Radiant expects the deal to be approved by March 31.
|By Transport Topics
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