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Echo Global Logistics reported gains in both income and profit for the third quarter as it took advantage of strong freight demand and tight supply.
The Chicago-based logistics company said net income soared 177.6% to $18.9 million from $6.8 million in the same quarter a year earlier. Diluted earnings per share increased to 70 cents from 26 cents.
Revenue jumped 42.5% to $985.6 million from $691.5 million.
Echo’s Truckload revenue increased 51.2% to $738 million compared with the third quarter of 2020. Its truckload volume rose 15%.
The motor carrier’s less than truckload revenue rose 25.3% to $219.8 million from the same quarter of 2020. The segment’s volume increased 3.1%.
Echo has signed a deal to be acquired for $1.3 billion by global private equity firm The Jordan Co. The transaction is expected to close during the fourth quarter of this year.
When it announced the acquisition in September, Echo said the deal will provide additional resources and greater flexibility to continue to build its technology and data science platform while enhancing its value proposition to shippers and carriers.
Echo Global ranks No. 19 on the Transport Topics Top 50 list of the largest logistics companies in North America.
— Jerry Hirsch
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