XPO Logistics Agrees to Acquire Bridge Terminal Transport; Posts Narrow 1Q Loss

XPO Logistics reached an agreement to buy yet another transportation provider May 4 and posted first-quarter financial results with a narrowing loss even as revenue soared.

Greenwich, Connecticut-based XPO said it has a definitive agreement to buy Bridge Terminal Transport for $100 million and expects to close the transaction by June 30. BTT ranks No. 98 on the Transport Topics Top 100 list of the largest for-hire carriers in the United States and Canada and is a provider of intermodal drayage services.

BTT had revenue of $232 million for the 12 months ended March 31. The XPO statement said the acquisition price represents a multiple of 8.1 times BTT’s debt-free cash flow over the same time.

The announcement by XPO, No. 12 on the TT Top 50 list of the largest logistics companies in North America, comes almost a week after the company reached a deal to buy French logistics company Norbert Dentressangle SA for $3.53 billion.

In earnings, XPO said it lost $15.4 million, or 20 cents a share, on revenue of $703 million during the first quarter. A year ago, XPO lost $29.1 million, or 70 cents, on quarterly revenue of $224 million.

Quarterly net revenue, after the payment of transportation costs, rose to $262.2 million from $58.4 million.

XPO’s four main service lines are truckload and intermodal brokerage, expedited delivery, freight forwarding and last-mile delivery.