JOC Staff | Mar 01, 2013 10:35AM EST
XPO Logistics reported a net loss of $9.3 million in the fourth quarter of 2012, compared with a net loss of $1.5 million in the fourth quarter of 2011.
Consistent with the company’s previously announced strategy, investments in long-term growth impacted fourth quarter results, the North American third-party freight transportation company said in a written statement.
However, quarterly revenue was $108.5 million, a jump of 146.1 percent year-over-year.
For the full year of 2012, the company posted a net loss of $20.3 million, compared with a profit of $759,000 in 2011. Annual revenue was $278.6 million, rising 57.3 percent form 2011.
“While our investments in people and technology resulted in a loss, as expected, they are fundamentally important to value creation,” said Bradley Jacobs, chairman and CEO, in a written statement. “We’re currently on an annual revenue run rate of over $500 million, and we expect that rate to be more than a billion dollars by year-end.”
The company also recently acquired Covered Logistics and Transportation for about $27 million.
“This is our second acquisition in 2013 from a pipeline of solid prospects,” “We expect to add at least $300 million of acquired historical revenue in 2013.”
