Echo Global Logistics posts higher 2Q profit

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Echo Global Logistics Inc., a provider of technology-enabled transportation and supply chain management services, on Thursday, July 28, announced that total revenue for the three months ended June 30 was $151.5 million, up 38 percent compared to $109.9 million in the second quarter of 2010. The Chicago-based company said the majority of this increase was driven by higher volumes attributable to an increase in the number of transactional and enterprise clients. Total shipment volume increased by 33 percent.

Net revenue, which represents total revenue less transportation costs, increased 46 percent to $29.3 million compared to $20.0 million. Net income was $2.9 million compared to $1.9 million, attributable to the growth in net revenue and the improvement in operating leverage.

“We achieved our eighth consecutive quarter of double-digit year-over-year net revenue and net income growth,” said Doug Waggoner, chief executive officer. “”Given the strength in our earnings, growth in overall shipment volumes and improved profitability achieved in the second quarter, we are well-positioned for continued success for the balance of the year. We continue to expect to achieve double-digit net income and earnings growth for the year.”