JOC Staff | Nov 06, 2012 11:28AM EST
Freight transportation provider XPO Logistics today reported a net loss of $3.1 million in the third quarter, compared with net income of $0.2 million for the same quarter in 2011.
The company also posted a net loss of $11.0 million in the first nine months of 2012, compared with a net profit of $2.2 million in the same period last year.
Quarterly revenue was $71.0 million, a 49.8 percent increase year-over-year. Year-to-date revenue was $170.1 million, a 27.9 percent increase from the same period in 2011.
While expedited and freight forwarding businesses faced soft market conditions, the gross margin dollars of the company's freight brokerage business almost tripled from last year, according to Bradley Jacobs, XPO Logistics' chairman and CEO.
The company acquired Turbo Logistics and a small freight brokerage business, BirdDog Logistics, and added 119 salespeople in the third quarter, Jacobs said.