Echo Global Logistics (ECHO) Tops Q1 EPS by 2c, Revenues Miss; Offers 2Q Revenue Guidance Below Consensus, FY19 Revenue Mid-Point Guidance Below Consensus

Echo Global Logistics (NASDAQ: ECHO) reported Q1 EPS of $0.38, $0.02 better than the analyst estimate of $0.36. Revenue for the quarter came in at $538.1 million versus the consensus estimate of $550.49 million.

"This was another strong quarter of profitability and cash flow for Echo," said Doug Waggoner, Chairman of the Board of Directors and Chief Executive Officer at Echo. "In an environment with lower truckload spot business and lower truckload rates, we improved net revenue margin, reduced SG&A costs, and increased free cash flow(1) compared to the prior year."

First Quarter 2019 Highlights

• Revenue decreased 6.8% to $538.1 million from the first quarter of 2018; Net revenue(1) decreased 1.2% to $98.8 million from the first quarter of 2018
• Less than truckload revenue increased 5.2% from the first quarter of 2018
• Managed Transportation revenue increased 1.6% to $125.9 million and Transactional revenue decreased 9.0% to $412.1 million from the first quarter of 2018
• Net revenue margin increased to 18.4% in the first quarter of 2019 from 17.3% in the first quarter of 2018
• Net income decreased to $3.5 million, compared to $4.7 million in the first quarter of 2018
• Fully diluted EPS decreased to $0.13 in the first quarter of 2019; non-GAAP fully diluted EPS(1) decreased to $0.38 in the first quarter of 2019
• Adjusted EBITDA(1) declined 1.4% to $21.7 million, compared to $22.0 million in the first quarter of 2018
• Free cash flow(1) increased to $17.7 million, up 75.7% from the prior year.

GUIDANCE:

Echo Global Logistics sees Q2 2019 revenue of $560-600 million, versus the consensus of $625.31 million.

Echo Global Logistics sees FY2019 revenue of $2.3-2.5 billion, versus the consensus of $2.45 billion.

"We expect revenue for the second quarter to be between $560 million and $600 million and we are updating our full year 2019 revenue guidance to be in the range of $2.30 billion to $2.50 billion," said Kyle Sauers, Chief Financial Officer at Echo.

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

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