XPO Reports Fourth-Quarter Loss
XPO Logistics reported a fourth-quarter loss of $10.6 million, or 37 cents per share, compared with a loss of $9.3 million, or 57 cents per share, a year ago. Revenue increased about 137% to $257.2 million.
“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. Our brokerage cold starts are now on a combined revenue run rate of over $150 million, more than 2½ times the $60 million run rate of a year ago,” XPO Chairman and CEO Bradley Jacobs said in a statement.
The logistics company reported a full-year net loss of $48.5 million, compared with a net loss of $20.3 million in 2012. Revenue increased almost 152% to $702.3 million.
In January, the company announced it agreed to purchase Pacer International Inc., the nation’s third-largest truck-rail intermodal freight operator, for $335 million, or $9 per share. The Dublin, Ohio-based company specializes in moving container shipments.
In 2013, the company completed six acquisitions: East Coast Air Charter, Covered Logistics, Interide Logistics, 3PD, Optima Service Solutions and NLM.
“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,” Jacobs said.
