Echo Global Logistics, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2016; Provides Revenue Guidance for the Year 2016; Effective Tax Rate Guidance Second Half of 2016
For the six months, the company reported revenue of $849,107,456 against $655,133,816 for the same period prior year. Income from operations was $10,867,304 against $8,190,759 for the same period prior year. Income before provision for income taxes was $3,839,743 against $3,700,149 for the same period prior year. Net income was $2,193,380 against $2,646,149 for the same period prior year. Diluted net income per share was $0.07 against $0.10 a year ago. Net cash provided by operating activities was $33,405,125 against $34,666,999 a year ago.
Considering both its strong volume trends and persistently lower rates, the company updated its full year 2016 total revenue guidance to be in the range of $1.70 billion to $1.76 billion.
The company still expect tax rate to be approximately 38% in the second half of 2016.