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Echo Global Logistics Revenues Surge 34.6%
Echo Global Logistics Revenues Surge 34.6%

Echo Global Logistics Reports Record Fourth Quarter Revenue, Up 34.6% Year over Year

CHICAGO, Feb. 07, 2018 (GLOBE NEWSWIRE) -- Echo Global Logistics, Inc. (NASDAQ:ECHO), a leading provider of technology-enabled transportation management services, today reported financial results for the quarter and full year ended December 31, 2017.

“This was an exciting quarter for Echo, as it marked our fastest organic revenue growth since 2010, while at the same time sequentially improving our gross margins. We make significant investments in our technology and people, and I am proud to see them pay off in this dynamic freight environment,” said Doug Waggoner, Chairman of the Board of Directors and Chief Executive Officer of Echo. “Echo’s deep carrier relationships and consistent access to capacity make us a broker of choice for shippers, and this is reflected in our recent results. We believe we are well positioned to continue our strong growth and market share gains again in 2018.”

Fourth Quarter 2017 Highlights

Revenue increased 34.6% to $547.7 million from the fourth quarter of 2016
Truckload ("TL") (includes Partial TL) revenue increased 38.2% and less than truckload ("LTL") revenue increased 29.7% from the fourth quarter of 2016
Net revenue(1) increased 34.2% to $96.2 million from the fourth quarter of 2016
Net income was $13.3 million in the fourth quarter of 2017, compared to net loss of $3.0 million in the fourth quarter of 2016
Income tax benefit of $8.9 million was recognized in the fourth quarter of 2017 as a result of the Tax Cuts and Jobs Act ("TCJA")
Fully diluted EPS increased to $0.48 in the fourth quarter of 2017; non-GAAP fully diluted EPS(1) increased to $0.33 in the fourth quarter of 2017
Non-GAAP EBITDA(1) grew 130.5% to $21.0 million, compared to $9.1 million in the fourth quarter of 2016

Full Year 2017 Highlights

Revenue increased 13.2% to $1.9 billion from 2016
TL revenue increased 13.9% and LTL revenue increased 15.1% from 2016
Net revenue(1) increased 6.4% to $339.0 million from 2016
Net income increased to $12.6 million from $1.6 million in 2016
Fully diluted EPS increased to $0.45 in 2017; non-GAAP fully diluted EPS(1) increased to $0.86 in 2017
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