Why Shares of Echo Global Logistics, Inc. Plunged 21% Today
Shares of supply-chain company Echo Global Logistics, Inc. (NASDAQ: ECHO) fell as much as 20.7% in trading Friday after the company reported second-quarter earnings. At 11:55 a.m. EDT shares were still down 17.6% for the day.
Revenue was up 6% in the quarter to $470.1 million, but the company swung from a profit of $1.9 million a year ago to a loss of $0.2 million, or $0.01 per share. Adjusted for one-time items, earnings were $0.18 per share, but that still fell short of the analysts' estimate of $0.20 per share.
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Source: Fool.com
