Echo Global Logistics has reported its financial results for Q1 2020.
Revenues increased 2.4% year-on-year to $551m; net revenue decreased 9.0% to $89.9m year-on-year. Truckload (“TL”) revenue increased 3.8% to $367.8m year-on-year; less than truckload (“LTL”) revenue increased 1.9% to $157.9m year-on-year. Transactional revenue increased 3.9% year-on-year to $428.4m and Managed Transportation revenue decreased 2.6% year-on-year to $122.7m.
Income from operations totalled $0.5m, down 94.9% from Q1 2019. Adjusted EBITDA decreased to $14.9m, compared to $21.7m in the first quarter of 2019.
Company’s net loss was $2.9m in the first quarter of 2020, compared to net income of $3.5m in the first quarter of 2019.
“In March, we quickly moved to a work from home environment, leveraging our industry-leading technology to continue servicing shippers and carriers,” said Doug Waggoner, Chairman of the Board of Directors and Chief Executive Officer at Echo.
The company added that due to the economic uncertainty caused by the coronavirus pandemic, it has suspended revenues guidance for the full year 2020. It expects revenue for the second quarter of 2020 to be between $450m and $500m.
Source: Echo Global Logistics
