Echo Global Logistics (NASDAQ: ECHO) reported Q2 EPS of $0.19, $0.08 better than the analyst estimate of $0.11. Revenue for the quarter came in at $514.7 million versus the consensus estimate of $470.16 million.

Second Quarter 2020 Highlights

• Revenue decreased 7.1% to $514.7 million from the second quarter of 2019; Net revenue(1) decreased 12.5% to $88.0 million from the second quarter of 2019
• Truckload ("TL") volume increased 3.3% from the second quarter of 2019
• Less than truckload ("LTL") revenue decreased 14.2% to $141.6 million from the second quarter of 2019; TL revenue decreased 2.8% to $352.2 million from the second quarter of 2019
• Managed Transportation revenue decreased 6.1% to $117.9 million and Transactional revenue decreased 7.3% to $396.8 million from the second quarter of 2019
• Net revenue margin(1) decreased to 17.1% in the second quarter of 2020 from 18.2% in the second quarter of 2019
• Net income decreased to $1.0 million, compared to $5.1 million in the second quarter of 2019
• Fully diluted EPS decreased to $0.04 in the second quarter of 2020; non-GAAP fully diluted EPS(1) decreased to $0.19 in the second quarter of 2020
• Adjusted EBITDA(1) declined 35.9% to $14.8 million, compared to $23.1 million in the second quarter of 2019

"The second quarter was one of the most volatile we've ever seen, with market conditions changing dramatically in just three short months," said Doug Waggoner, Chairman of the Board of Directors and Chief Executive Officer at Echo. Mr. Waggoner continued, "I'm pleased with our team's ability to respond and encouraged by the increasing business volume we've seen in the second half of the quarter and continuing into July."

GUIDANCE:

Echo Global Logistics sees Q3 2020 revenue of $565-615 million, versus the consensus of $517.93 million.

"We are encouraged by our continued ability to take market share and expect revenue for the third quarter to be between $565 and $615 million," said Kyle Sauers, Chief Financial Officer at Echo.

For earnings history and earnings-related data on Echo Global Logistics (ECHO) click here.