XPO Logistics Reports 1Q Loss; Buys Brokerage Firm


5/10/2012 4:30:00 PM
Write a Letter to the Editor



Print This
 

XPO Logistics announced its first acquisition, saying it will buy brokerage firm Continental Freight Services for $3.4 million.

Buchanan, Mich.-based XPO also announced a first-quarter loss of $3.4 million, reversing a $1.1 million profit in the year-earlier period.

Revenue rose 7.4% to $44.6 million — an annual rate of about $178 million a year, , XPO said Wednesday. Blythewood, S.C.-based Continental’s annual revenue is about $22 million.

XPO’s Chief Executive Officer Bradley Jacobs has said he expects to nearly triple the company’s revenue this year to about $500 million.

He told Transport Topics that XPO intends to achieve a $500 million annual revenue pace, with about half from acquisitions and the rest through expansion of existing facilities and five new offices.

Last year, Jacobs, who founded and built United Rentals Inc., entered the brokerage business by purchasing Express-1 Expedited Solutions, since renamed XPO.

He said he planned to build a brokerage and expedited freight business with revenue topping $1 billion.

Follow Transport Topics on RSS Twitter Facebook


 Print This
 


© 2012, Transport Topics Publishing Group. All rights reserved.

 

 

RELATED ARTICLES

Caterpillar Selling Majority Stake in Logistics Unit (5/10/2012 11:30:00 AM)
Pacer, Schneider Sign New Rail Agreements (5/10/2012 11:00:00 AM)
Quality Posts Higher 1Q Profit (5/8/2012 9:00:00 AM)
Mobile Comm Systems Makers Add Upgrades (5/7/2012 8:10:00 AM)
Few Execs See Natural Gas as Viable, Survey Finds (5/7/2012 8:00:00 AM)
Private Fleet Executives Praise Natural Gas Trucks (5/7/2012 5:30:00 AM)
 

JOIN OUR NEWSLETTER
We'll deliver tax strategies to your inbox from our CPA firm.
We hate spam. Your email address will not be sold or shared with anyone else.