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.
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..
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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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