XPO Logistics Reports 1Q Losses

May 10, 2012

XPO Logistics reported losses for 1Q 2012, but its business segments all experienced revenue growth. The company's quarter net loss was $2.7 million, compared with net income of $1.1 million for the same period last year.
The company reported a first quarter net loss available to common shareholders of $3.4 million, or a loss of 36 cents per diluted share, compared with net income available to common shareholders of $1.1 million, or earnings of 13 cents per diluted share, for the same period in 2011.

XPO had a total revenue was $44.6 million for the quarter, a 7.4% increase from the same period last year.

Earnings before interest, taxes, depreciation and amortization ("EBITDA"), a non-GAAP financial measure, was a loss of $4.6 million for first quarter of 2012, compared with EBITDA of $2.3 million for the same period in 2011.

The company's Expedited transportation business, Express-1, generated total revenue of $22.4 million for the quarter, an 8.1% improvement from the same period last year. Revenue growth was driven by an increase in project-based air charter revenue and growth in cross-border-Mexico and temperature-controlled transactions.

The Concert Group Logistics business generated total revenue of $15.5 million for the quarter, a 1.8% decrease from the same period last year.

XPO's freight brokerage business generated total revenue of $7.9 million for the quarter, a 32.5% improvement from the same period last year. Revenue growth was largely driven by increased volume at the South Bend, Ind., office and the new Phoenix, Ariz., office.