Transport Topics Online
The Newspaper of Trucking and Freight Transportation
Welcome  Guest  Log In         
5/11/2012 9:30:00 AM Write a Letter to the Editor Write a letter to the Editor

XPO Logistics Reports 1Q Loss, Buys Brokerage Firm

XPO Logistics reported a first-quarter loss and announced its first acquisition, saying it will buy brokerage firm Continental Freight Services for $3.4 million.

Buchanan, Mich.-based XPO said it lost $3.4 million for the quarter, 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. 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.

By Rip Watson
Senior Reporter

Follow Transport Topics on Subscribe to get up to the minute news briefs and more from our feeds. RSS Twitter Twitter Facebook Facebook

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


  RELATED ARTICLES

 
LATEST NEWS



 
LATEST JOBS
Follow Us

Newsletters

TTExpress
This free daily newsletter delivers the latest headlines.

TT Executive Suite
This subscriber-only newsletter program tailors your news.

Services

Advertising




© American Trucking Associations, Inc., All Rights Reserved TTNews.com Privacy Statement