English Arabic Armenian Azerbaijani Chinese (Simplified) Chinese (Traditional) Czech Danish Dutch Estonian Filipino Finnish French Galician Georgian German Greek Hindi Hungarian Icelandic Indonesian Italian Japanese Korean Latvian Lithuanian Malay Maltese Norwegian Persian Polish Portuguese Russian Slovak Slovenian Spanish Swedish Thai Turkish Ukrainian Vietnamese

XPO buys another company as first quarter improves

PRESS RELEASE

May 04, 2015: XPO Logistics, Inc. today announced financial results for the first quarter of 2015. Total gross revenue increased 148.9% year-over- year to $703.0 million, and net revenue increased 349.0% to $262.2 million.

The company reported a net loss of $14.7 million for the quarter, compared with a net loss of $28.3 million for the same period in 2014.

Adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA"), a non-GAAP financial measure, improved to $29.2 million for the quarter, compared with $0.6 million for the same period in 2014.

XPO has entered into a definitive agreement to acquire Bridge Terminal Transport Services, Inc. (BTT), one of the largest asset-light drayage providers in the United States. The transaction is subject to customary closing conditions, including antitrust clearance, and is expected to close in the second quarter of 2015.

The purchase price is $100 million, excluding any working capital adjustments, with no assumption of debt. BTT had revenue of $232.0 million for the trailing 12 months ended March 31, 2015. The purchase price represents a consideration of 8.1 times EBITDA of $12.4 million for the same 12-month period.

In business for 33 years, BTT arranges ground transportation through a network of 28 terminals and approximately 1,300 independent owner operators. BTT has approximately 250 employees and 1,800 customers, including many multinational companies, with its top ten customers having an average tenure of 19 years with BTT. The acquisition will significantly expand XPO's drayage capacity on the East Coast.

In light of XPO's previously announced agreement to acquire Norbert Dentressangle SA, and its agreement to acquire Bridge Terminal Transport Services, Inc., the company has raised its 2015 targets to an annual revenue run rate of at least $9.5 billion and an annual EBITDA run rate of at least $625 million by December 31.

Bradley Jacobs, chairman and chief executive officer of XPO Logistics said, "Our first quarter performance reflects the resilience of our diversified service offering. We generated strong results in our last mile and expedite businesses, and in our logistics segment. These gains were offset by a weak spot market for freight brokerage and the disruption of our intermodal business due to the West Coast port slowdowns. March was a more broadly favorable operating environment, with an upswing that continued into April."

More News

Written on 07/12/2017, 22:33
russian-railways-to-invest-rub7-7-trillionMOSCOW: December 04, 2017. Speaking at the III Railway Congress at the beginning of this month, OJSC Russian Railways president Oleg Belozerov said the...
Written on 07/12/2017, 16:12
first-b777-freighter-for-turkish-cargoISTANBUL: December 07, 2017: Turkish Airlines has taken delivery of the first of two B777 freighters due to arrive in 2017 at a ceremony in Istanbul this...
Written on 06/12/2017, 20:49
cma-cgm-supports-green-santa-clausMARSEILLE: December 06, 2017. CMA CGM and French clothing manufacturer Kaporal Group have launched a limited edition collection called 'Shipping the...
Written on 06/12/2017, 16:57
jal-invests-in-supersonic-boomTOKYO/DENVER: November 05, 2017. Japan Airlines (JAL) has invested US$10 million and placed options for up to 20 Boom Supersonic aircraft as part of a...
Written on 05/12/2017, 21:47
freightweek-news-update-week-49COPENHAGEN: Maersk Line makes westbound network changes as Asian port congestion causes sailing delays. Read more: Advisory.pdf PARIS: December 08, 2017....
Written on 05/12/2017, 17:13
virgin-hyperloop-one-to-link-bengaluru-and-chennai-in-25-minutesBENGALURU, India: December 05, 2017. Virgin Hyperloop One has signed an MoU with the Indian state of Karnataka to determine the economic impact of its...
Written on 01/12/2017, 18:49
dhl-s-first-converted-a330-300-just-needs-paintDRESDEN: December 01, 2017. DHL Express has taken delivery of the first A330-300 Passenger-to-Freighter (P2F) conversion from Elbe Flugzeugwerke (EFW),...
Written on 29/11/2017, 21:29
cargolux-nca-code-share-to-include-frankfurt-hahnLUXEMBOURG: November 29, 2017. Cargolux has signed a new code-share and capacity swap agreement with Nippon Cargo Airlines (NCA) between Europe and Japan...
Written on 29/11/2017, 00:08
smart-retailer-ocado-signs-ecommerce-deal-with-groupe-casinoLONDON/PARIS: November 28, 2017. UK online grocery retailer Ocado Group is to provide its proprietary eCommerce technology to French bricks and mortar...
Written on 28/11/2017, 19:06
swiss-world-cargo-expands-pharma-corridorsZURICH: November 28, 2017. Swissmedic, responsible for the authorization and supervision of therapeutic products in Switzerland, has renewed the...
Written on 27/11/2017, 20:02
freightweek-news-update-week-48BRUSSELS: November 30, 2017. The European Commission has updated its list of 178 airlines banned from the EU for safety reasons. Read...
Written on 26/11/2017, 22:46
air-canada-cancels-freighter-networkTORONTO: November 24, 2017. Air Canada Cargo is terminating its B767 freighter services to and from Mexico, Dallas-Fort Worth, Atlanta, Bogota, Lima and...
Written on 26/11/2017, 20:34
qatar-helps-deliver-sight-to-childrenDOHA: November 25, 2017. Qatar Airways has renewed its sponsorship of Orbis UK, the global charity that fights avoidable blindness through access to...
Written on 24/11/2017, 22:20
hna-buys-australian-reefer-logistics-businessPERTH, Australia: November 23, 2017. HNA International is to buy the refrigerated logistics business of Australia's largest auto retailer Automotive...
Written on 24/11/2017, 20:53
alibaba-adds-online-technology-to-offline-retailingHONG KONG: November 21, 2017. The Alibaba Group is acquiring a 36.16 percent stake in the Sun Art Retail Group for US$2.88 billion Sun Art is a...
Written on 21/11/2017, 15:20
freightweek-news-update-week-47ABU DHABI: November 26, 2017. Etihad Airways has appointed Justin Carr as the airline's new vice president Cargo. Carr is a former DHL senior executive....
Written on 18/11/2017, 22:25
crowley-supports-puerto-rico-power-restorationSAN JUAN, PR: November 17, 2017. Puerto Rico's Electric Power Authority director Ricardo Ramos resigned today as the government acknowledged that only...
Written on 18/11/2017, 16:13
emirates-skycargo-signs-ecommerce-mouDUBAI: 18 November, 2017. Emirates SkyCargo has signed an MoU with Dubai CommerCity (DCC) – a free zone dedicated to eCommerce in the MENA...
Written on 17/11/2017, 23:08
qantas-plans-mustard-power-for-trans-pacificSYDNEY: November 18, 2017. Qantas is to operate the world's first bio-fuel B787-9 flight between Melbourne and Los Angeles next year based on Brassica...
Written on 17/11/2017, 20:43
yusen-buys-tibbett-logistics-in-romaniaWOODFORD GREEN, UK: November 17, 2017. The Keswick Enterprises Group is selling its Romanian Tibbett Logistics subsidiary to Amsterdam-based Yusen...

- powered by Quickchilli.com -