New customers, higher truck freight volumes and significant rate hikes pushed revenue at Echo Global Logistics up 41 percent last year to $602.8 million.
The third-party logistics operator more than doubled its profit in 2011. Non-GAAP net profit rose 118.4 percent year-over-year to $11.9 million for the full year. For the fourth quarter, Echo’s net profit rose 68.5 percent to $3.5 million, while total revenue jumped 43.1 percent year-over-year to $162.9 million.
The company’s goal is reach $1.3 billion to $1.5 billion in revenue over the next five years, CEO Douglas R. Waggoner and CFO David B. Menzel said Feb. 14. In a conference call, they said they expect Echo to achieve $740 million to $780 million in total revenue in 2012, a 23 to 29 percent year-over-year increase.
Since it was founded in 2006, the Chicago-based logistics and brokerage firm has grown 1,716 percent from a starting point of $33.2 million in revenue. Echo grew 118 percent in 2007, 112 percent in 2008, 28 percent in the recession year of 2009 and 64 percent in 2010 as truck traffic and rates began to recover.
In the first five weeks of 2012, total revenue is up about 35 percent, said Menzel.
“I believe that our results to date provide meaningful evidence that our approach is working to bring about sustainable long-term growth,” Waggoner said.
“We have a significant opportunity to grow share within a very large market.”