Echo Global Logistics has reported its financial reports 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.”
Revenues decreased 7.1% to $514.7m; net revenue decreased 12.5% year-on-year to $88m. Truckload (“TL”) revenue decreased 2.8% to $352.2m year-on-year; less than truckload (“LTL”) revenue decreased 14.2% to $141.6m year-on-year. Managed Transportation revenue decreased 6.1% to $117.9m and Transactional revenue decreased 7.3% year-on-year to $396.8m.
Income from operations totalled $2.8m, down 74.1% compared to Q2 2019. Adjusted EBITDA decreased to $1.0m, compared to $5.1m in the second quarter of 2019.
The company’s net loss was $951m in the second quarter of 2020, compared to net income of $5.1m in the second quarter of 2019.
“We are encouraged by our continued ability to take market share and expect revenue for the third quarter to be between $565m and $615m,” said Kyle Sauers, Chief Financial Officer at Echo.
Source: Echo Global Logistics
