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December 9, 2019 3:30 PM, EST

Descartes Systems Reports Net Income Up 23%

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The Descartes Systems Group Inc., a Canadian logistics company, reported net income of $9.7 million in its third quarter ended Oct. 31, up 23% from $7.9 million the same quarter last year.

Earnings per share were 11 cents, compared with 10 cents in the comparable period last year.

Edward Ryan, CEO of Descartes Systems Group

Ryan

Revenue was up 19% to $83 million from $70 million a year ago.

Edward Ryan, CEO of the Waterloo, Ontario-based company, said the international logistics firm was a steady hand in an unsteady global economy during the fiscal period ended Oct. 31.

“Descartes continues to deliver predictable results in an increasingly unpredictable business environment,” he said.

Revenue consisted of service revenues of $72.6 million, or 87% of total revenue; professional services and other revenues of $8.9 million, or 11% of total revenue; and license revenue of $1.5 million, or 2% of total revenue.

Service revenue was up 19% from $61.1 million a year ago.

Founded in 1981, the company has 1,300 employees and 10,000 customers in more than 160 countries, according to the Descartes website. — Transport Topics

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