A 56 percent increase in individual truck brokerage sales shot second quarter revenue at Echo Global Logistics 38 percent higher than a year ago to $151.5 million.
Net profit rose from $1.9 million a year ago to $2.9 million in the second quarter.
The second quarter increase in brokerage sales followed a 69 percent surge in transactional business in the first quarter, as shippers searched for capacity.
Revenue at Echo’s enterprise or logistics management business rose 11 percent in the quarter, and the intermediary’s net revenue rose 46.1 percent to $29.3 million.
The $426.4 million logistics provider, which in 2006 was a $33.2 million company, is gaining new business from new customers, said CEO Douglas R. Waggoner.
“Almost all of our enterprise business comes from companies that have never outsourced before,” Waggoner said in an interview in early July.
The Chicago-based company added a net of 24 new enterprise clients over the past year and now has 161 long-term customers under contract.
Echo gained 4,592 transactional clients year-over-year in the quarter, for a total of 16,024. Revenue per transactional sales person jumped 31 percent.
Acquisitions Echo made over the past year added $10.5 million to the company’s revenue in the quarter. Echo bought Advantage Transport earlier this month.
Crain’s Chicago Business named Echo Global the second fastest growing company in Chicago in June. The fastest was hedge fund manager AlphaMetrix Group.
Contact William B. Cassidy at firstname.lastname@example.org. Follow him on Twitter at @wbcassidy_jocon the industry.