Financial losses for XPO Logistics Inc. widened in the third quarter of the year despite it increasing total revenue more than 200% from the same time a year ago, following several acquisitions, but company officials insist they are headed toward profitability.
Evan Lockridge・Former Business Contributing Editor
November 6, 2014
2 min to read
Financial losses for XPO Logistics Inc. widened in the third quarter of the year despite it increasing total revenue from the same time a year ago, following several acquisitions, but company officials insist they are headed toward profitability.
The Connecticut-based freight transportation provider reported a net loss of $11.7 million for the quarter, compared with a net loss of $6 million for the same period in 2013, while its loss per share declined to 23 cents from 28 cents during the same time.
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Total revenue increased year-over-year to $662.5 million from $194 million
“The third quarter was transformational for us on many fronts. We raised $1.2 billion of capital to fund our growth. We generated a net revenue increase of more than 400%, reflecting the benefit of acquisitions and 48% organic growth,” said Bradley Jacobs, chairman and chief executive officer. “And we turned in our strongest adjusted earnings before interest, taxes, depreciation and amortization performance to date, $24 million, which reflects less than a month of owning New Breed Logistics, our largest acquisition so far. We delivered 58% organic growth in our freight brokerage business, and more than doubled the revenue run rate of our brokerage cold-starts in 12 months to $250 million.”
XPO’s freight brokerage business generated total gross revenue of $518.7 million for the quarter, a 239.8% increase from the same period in 2013. Third quarter operating income improved to a gain of $2 million, compared with a loss of $3.4 million a year ago.
The company’s contract logistics business generated net revenue of $50.1 million and operating income of $4.5 million..
XPO’s expedited transportation business generated total gross revenue of $36.5 million for the quarter, a 45.4% increase from the same period in 2013. Third quarter operating income increased to $2.9 million, from $1.7 million a year ago.
The company’s freight forwarding business generated total gross revenue of $59.7 million for the quarter, a 212.2% increase from the same period in 2013. Third quarter operating loss was $20,000, compared with a loss of $2.6 million a year ago.
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