The Descartes Systems Group Inc. reported profits grew 16% in 2018, according to a company earnings release.
The Waterloo, Ontario, logistics company said new customer accounts helped grow profits and revenues for 2018 and the company’s fourth quarter, which ended Jan. 31.
“We believe our focus on providing one place for shippers, carriers, logistics intermediaries and government agencies to collaborate and manage the complete life cycle of shipments is contributing to this growth,” CEO Edward Ryan said.
In the final quarter, Descartes revenues were up 12%, to C$71 million from $63.6 million in the year-ago period. Net income was $7.9 million, up 18% from $6.7 million. Earnings per share was 10 cents, up from 9 cents in the final quarter of 2018.
For the fiscal year, the company reported revenues of $275.2 million, up 16% from $237.4 million from 2017.
Net income was $31.3 million, up 16% from $26.9 million in 2017. Earnings per share were 40 cents, 35 cents in 2017.
The logistics company offers routing, telematics, transportation management, customs and regulatory compliance, global logistics, network services and brokerage. Customers include Ashley Furniture and Old Dominion Freight Lines, according to its website. — Transport Topics