Echo Global Logistics announced its Q4-20 and full-year results. For the quarter ending December 31, 2020, revenue increased by a record amount (41.9%) to $754.3m compared to the fourth quarter of 2019. Gross profit increased by 29.8% to $110.4m.
Truckload (“TL”) revenue increased by 56.0% to $549.4m y-o-y, as did the segment’s volume, increasing by 19.6% from the fourth quarter of 2019. Less than truckload (“LTL”) revenue rose by 16.0% to $184.4m in Q4-20, and LTL volume increased by 12.8% y-o-y. Transactional revenue increased by 40.5% to $577.7m and Managed Transportation revenue increased to $176.6m, a y-o-y increase of 46.6%.
Total revenue for 2020 increased by 14.9% y-o-y to $2.5bn whilst gross profit tolled $374.1m, growth of 1.6% on 2019. Net income rose by 6.7% to $15.8m, compared to $14.8m in 2019. Transportation costs for the year amounted to $2.1bn an increase of 17.8% on 2019.
TL revenue increased by 22.3% to $1.8bn from 2019 as volumes increased by 11.7%. Transactional revenue increased by 14.9% to $1.9bn and Managed Transportation revenue increased by 14.9% to $574.8m from 2019.
“I’m incredibly proud of the results we posted in 2020. From quickly adjusting to working remotely in the first part of the year to then executing in an extremely competitive freight market with constrained capacity, Echo demonstrated why it is one of the top players in the industry,” said Doug Waggoner, Chairman of the Board of Directors and Chief Executive Officer at Echo. “As we enter 2021 against the backdrop of continued strong demand and limited supply, we look to continue to invest in the technology and people that were the foundation for our success in 2020.”
“We expect full-year 2021 revenue to be in the range of $2.725bnto $2.925bn,” said Pete Rogers, Chief Financial Officer of Echo. “We also expect first-quarter revenue to be between $690m and $730m.”
Source: Echo Global Logistics