Logistics Firm EGL Inc. Reports 1Q Profit

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ogistics firm EGL Inc. reported Tuesday net first-quarter income of $7.2 million or 14 cents a share, down slightly from $7.3 million or 15 cents last year.

Revenue rose 20% to $700 million, the company said in a statement.

“We continue to see growth in all international product lines and a continued shift toward a lower cost deferred ground and ocean product by our customers,” said Jim Crane, EGL’s chief executive officer.

The company had said in early March it would restate earnings by $6.5 million as of Jan. 1, 2002, for tax adjustments and write-offs related to its operations in Mexico. (Click here for previous coverage.)

EGL operates under the name EGL Eagle Global Logistics. It is ranked No. 16 on the Transport Topics Logistics 50 listing of the largest U.S. and Canadian logistics companies.