A 30 percent increase in shipments pushed third-quarter gross revenue up 40 percent year-over-year to $159 million at Echo Global Logistics.
The Chicago-based truck freight brokerage increased its third-quarter net profit 80 percent year-over-year to $3.3 million, with an operating profit of $5.3 million. Echo benefited from tighter truckload capacity in the quarter, which sent more shippers searching for trucks to non-asset third party intermediaries.
The company’s revenue increased 5 percent from $151.5 million in the second quarter, while net profit rose 13.8 percent on a sequential quarterly basis.
Echo, which grew from a $33.2 million company in 2006 to a $426.4 million logistics provider last year, is gaining market share, said CEO Douglas R. Waggoner. Echo added eight enterprise clients in the third quarter, bringing its total number to 169, he said. The total number of clients served rose 31 percent to 16,750.
Transactional brokerage revenue rose 54.6 percent year-over-year to $108.4 million in the quarter, while enterprise client revenue rose 16.5 percent to $50.6 million.