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Tuesday, May 30, 2023

Echo Global Logistics Inc. (NASDAQ: ECHO) stock gains during after-hour. Why is it so?

Echo Global Logistics Inc. (NASDAQ: ECHO) stock soared by 0.29% at last close while the ECHO stock price continues to surge in the after-hour trading by 7.75% at last check. This is because Echo Global has announced its Q1 2021 financial results on April 28, 2021. Echo Global Logistics is a Fortune 1000 company that specializes in technology-assisted shipping and supply chain management. Echo, based in Chicago and with over 30 offices around the country, provides freight brokerage and Managed Transportation services for all important modes, including truckload, partial truckload, LTL, intermodal, and expedited.

Financial Results

On April 28, 2021, ECHO reported its financial results for the quarter ended March 31, 2021. Given below is the summary:

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  • For the first quarter 2021, ECHO’s revenue increased by 45.3% making it to $800.8 million compared to the first quarter of 2020.
  • Gross profit of Echo Global surged by 36.3% to $116.2 million relative to Q1 2020.
  • Compared to the first quarter of 2020, adjusted gross profit rose 33.5% to $120.0 million.
  • In the first quarter of 2021, net income rose to $10.2 million, compared to a net loss of $2.9 million in the previous quarter.
  • Also, the value of adjusted EBTIDA gained by 90.15 to $28.3 million compared to $14.9 million for the first quarter 2020.
  • In the first quarter of 2021, fully diluted EPS boosted to $0.38, while non-GAAP fully diluted EPS rose to $0.61.

Pete Rogers, Chief Financial Officer at Echo commented:

Echo’s continued ability to attract new business and increase market share by showing value to both shippers and carriers gives great hope for progress. ECHO expects sales for the second quarter to be between $830M and $870M, reflecting 65 percent year-over-year growth at the midpoint, based on a good first quarter and strong business fundamentals. ECHO is also increasing its full-year sales outlook to $3.15 billion to $3.35 billion, reflecting a 29 percent year-over-year rise and a 15% increase over their previous forecast.

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