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XPO continues to grow despite losses

CONNECTICUT, USA: XPO Logistics has reported a net loss of US$$48.5 million in 2013, compared with a loss of US$20.3 million for the previous 12 months. Net revenue for the period rose 152 percent to US$702.3 million.

The revenue growth, and losses, reflects the purchase last year of East Coast Air Charter, Covered Logistics, Interide Logistics, 3PD, Optima Service Solutions and NLM. In January 2014 the company announced it would also acquire Pacer International, the third largest provider of intermodal services in North America and the largest provider of intermodal services in the cross-border U.S./Mexico market.

XPO LogisticsXPO said its strategy of long–term growth through acquisitions has enabled it to become the fourth largest freight brokerage firm, the largest provider of last-mile logistics for heavy goods, and the largest manager of expedited shipments in the U.S.

Despite a 137.1 percent increase in fourth quarter revenue year-over-year to $257.2 million, the company reported a net loss of US$10.6 million for the quarter, compared with a net loss of US$9.3 million for the same period in 2012. As of Februrary 21, 2014 XPO said it  had approximately US$358 million in cash.

Bradley Jacobs, chairman and chief executive officer of XPO commented: "For the second straight quarter, we increased our gross margin percentage in every one of our business units...Our acquisitions of Optima Service Solutions and NLM in the fourth quarter, and our recent agreement to acquire Pacer International, have strengthened our positions in last-mile logistics, expedite and intermodal. In freight brokerage, the largest component of our 2013 revenue, we grew the business into the fourth largest provider in North America through acquisitions, cold-starts and recruitment."

Jacobs said the company expects to generate revenue of US$2.75 billion by the end of 2014 that will include "at least US$400 million" of historical revenue from acquisitions. For 2017 he says XPO will produce US$7.5 billion in revenue and an EBITA of US$425 million.

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