XPO Logistics reported a net loss of $14.5 million in the first quarter of 2012, compared with a net loss of $2.7 million in the first quarter of 2012.
However, total quarterly revenue was $114.0 million, jumping 155.8 percent from the same period last year.
The North American transportation and logistics company’s freight brokerage business generated revenue of $78.2 million, spiking 886.8 percent year-over-year, primarily driven by the acquisitions of Turbo Logistics, Kelron Logistics, Continental Freight Services and BirdDog Logistics in 2012 and Covered Logistics in February 2013, as well as revenue gains from the company’s eight brokerage cold-start locations, XPO Logistics said in a written statement.
XPO Logistics’ expedited services division generated revenue of $23.9 million for the quarter, a 6.5 percent increase from the same period in the previous year, fueled by the acquisition of East Coast Air Charter in February 2013. Meanwhile, the company’s freight forwarding business generated revenue of $16.2 million, rising 5.0 percent.
Additionally, on May 6, 2013, the company acquired substantially all of the operating assets of Interide Logistics, a freight brokerage business with trailing 12 months revenue of approximately $28 million as of March 31, 2013. The purchase price was $3.1 million in cash and $600,000 in XPO common stock, with no assumption of debt. The acquisition is expected to be immediately accretive to earnings.
“The impact of our cold-starts, sales force expansion and acquisitions – including two transactions in February – drove March revenue to a record high of $44 million,” said Bradley Jacobs, chairman and CEO of XPO Logistics. “Our strategy is creating momentum in the second quarter as well.”
“We remain solidly on track to build XPO into a multi-billion dollar company over the next few years,” Jacobs continued. “We've reaffirmed our 2013 outlook for an annual revenue run rate of more than a billion dollars by year-end, including $300 million of acquired revenue.”