Echo Global Logistics, Universal Truckload and Pacer International Report Mixed Results
October 28, 2013
Echo Global Logistics has reported record total revenue of $234.8 million for the third quarter of the year, up 21.8% from a year ago, while net income increased 15% to $4.4 million.
"Our third quarter results are driven by the continued organic growth in our business,” said Doug Waggoner, Echo CEO. “Enterprise revenue increased by 18%, while our revenue per transactional sales representative increased by over 23%. This increased productivity of our sales organization is having a strong impact on our ability to improve operating margins."
More information on the Chicago-based company’s financial performance is on the Echo Logistics website.
Meantime, asset-light freight services provider, Universal Truckload Services, has reported income of $13.7 million on total operating revenues of $261.7 million. This compares to the third quarter 2012 with total operating revenue of $256.9 million and net profit of $15.1 million.
Income from operations for the Michigan-based company increased 19% to $22.5 million or 8.6% of operating revenues for the third quarter of 2013. This compares to $18.9 million or 7.4% of operating revenues for the third quarter of 2012. Demand for value-added services continues to expand, the company said, growing at a rate of 16.3% compared to the same period last year. Though still soft, Universal notes it has seen some stabilization in transportation services, which declined 2.1% compared to the third quarter of 2012. Intermodal services revenue continues to grow, increasing 6% compared to the same period last year, although not as quickly as in recent quarters.
"Our third quarter 2013 operating results and financial performance are in line with our expectations,” said, Scott Wolfe, Universal CEO. “Despite the heightened level of economic uncertainty due to the unsettling federal budget and debt limit debates, which we think may moderate demand from our commercial customers…we do anticipate under performance in our government business and metals, but we are cautiously optimistic that the impact will be modest and short-term in nature."
More details are on the Universal Truckload Services' website.
Finally, Ohio-based asset-light provider, Pacer International, reported total revenues decreased by $98.9 million to $250 million in the third quarter of the year from the same time in 2012.
The company says the drop was expected and primarily due to the new cross border agreement with Union Pacific where it no longer collects and passes through the rail transportation costs to automotive intermediaries servicing the US-Mexico business.
Despite this net income increased $1.7 million from the third quarter of 2012 to $2.8 million.
“We continue to see improved operating results in our intermodal segment from the efforts we have taken to further lower our network costs through better management of our empty miles, network flows, and box utilization,” said Daniel W. Avramovich, chairman and CEO. “Our logistics segment, while not yet profitable, has improved significantly over the last four quarters.”
More detailed results are on the Pacer International website.