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Echo Global Logistics (NASDAQ: ECHO) will release its third quarter 2020 earnings after market close on October 28, 2020. The earnings results will be discussed in a conference call at 4:00 p.m. CT the same day, hosted by CEO Doug Waggoner, COO Dave Menzel, and CFO Pete Rogers. Investors can participate by calling 877-303-6235 or listen to the webcast available on the company's website for a year. Echo provides technology-enabled transportation and supply chain management services, leveraging its extensive network of over 50,000 transportation providers.
Echo Global Logistics has promoted Peter M. Rogers to Chief Financial Officer, effective October 5, 2020. Rogers, who has over 13 years of experience at the company, previously served as SVP Finance – Controller. He succeeds Kyle L. Sauers, who will stay on temporarily as a non-executive employee to facilitate a smooth transition. The CEO, Doug Waggoner, expressed confidence in Rogers’ ability to contribute to the company’s growth strategy. Echo Global Logistics is recognized for its technology-enabled transportation management services, serving 35,000 clients across various industries.
Echo Global Logistics (NASDAQ: ECHO) introduced a Book Now feature for its EchoDrive platform, allowing carriers to book loads online via a web portal and mobile app. This functionality enhances booking efficiency and visibility, enabling carriers to secure loads anytime with instant rate confirmations. Following a successful pilot program, feedback from users has been overwhelmingly positive. The move reflects Echo's commitment to leveraging technology to support its carrier network.
Echo Global Logistics (NASDAQ: ECHO) was recognized as one of Food Logistics' FL100+ Top Software and Technology Providers for the second consecutive year, highlighting its role in innovations within the food supply chain. The company's focus on technology includes advanced transportation management systems like EchoDrive and EchoShip, which enhance operational efficiency for clients. CEO Doug Waggoner emphasized the importance of technology in simplifying transportation management, reinforcing Echo's commitment to meeting the unique needs of food and beverage clients.
Echo Global Logistics (NASDAQ: ECHO) has partnered with Blue Yonder to enhance its transportation management services. This collaboration enables Echo to automate price quoting and freight capacity matching through Blue Yonder's dynamic price discovery solution. The integration aims to provide shippers with near real-time data availability via the Luminate Platform, powered by Microsoft Azure. Key executives expressed that this partnership will help streamline processes, improve operational efficiency, and expand Echo's customer reach.
Echo Global Logistics, Inc. (NASDAQ: ECHO) announced an increase of $50 million to its stock repurchase program, extending the authorization through July 31, 2022. With this amendment, the company now has approximately $60.2 million available for buybacks. The program allows purchases in various forms, based on market conditions, with funds sourced from cash reserves and operations. CEO Doug Waggoner stated this initiative reflects confidence in the company's strength while providing shareholder value.
Echo Global Logistics, Inc. (NASDAQ: ECHO) reported its Q2 2020 financial results, revealing a 7.1% decline in revenue to $514.7 million compared to Q2 2019. Net revenue fell 12.5% to $88.0 million, with net income dropping 81.2% to $1.0 million.
Key metrics include a 3.3% increase in truckload volume but a 14.2% drop in less-than-truckload revenue. Fully diluted EPS decreased to $0.04 from $0.19. Despite challenging market conditions, the company noted increasing business volume in July.
Echo Global Logistics (NASDAQ: ECHO) has been recognized as the #1 third-party logistics provider for the fourth consecutive year in the 2020 Top 10 3PL Excellence Awards by Inbound Logistics. This achievement reflects Echo's commitment to service quality and customer satisfaction, supported by its proprietary technology and dedicated workforce. During these challenging times, Echo's efforts have enabled it to maintain its top position among 35,000 clients and 50,000 carriers. This marks the tenth year Echo has ranked in the top 10, underlining its industry reputation.
Echo Global Logistics (NASDAQ: ECHO) will release its second quarter 2020 earnings after the market closes on July 22, 2020. CEO Doug Waggoner, COO Dave Menzel, and CFO Kyle Sauers will host a conference call at 4:00 p.m. CT to discuss the results. Interested participants can join the call or listen to the replay available on their Investor Relations website. Echo offers technology-enabled transportation and supply chain management services, serving 35,000 clients across various industries.
