XPO Logistics reported a fourth-quarter loss, citing “investments in long-term growth.”
XPO had a loss of $9.3 million, or 57 cents per share, compared with a loss of $1.5 million, or 27 cents per share, a year ago. Revenue increased about 150% to $108.5 million.
“We remain focused on executing the three parts of our strategy: acquisitions, cold-starts, and the optimization of our operations. In 14 months, we’ve acquired six companies and opened 17 cold-starts, eight in freight brokerage,” XPO Chairman and CEO Bradley Jacobs said in a statement.
The logistics company reported a full-year net loss of $20.3 million, compared with net income of $759,000 in 2011. Revenue increased almost 57% to 278.6 million.
The company also said it acquired third-party freight brokerage business Covered Logistics & Transportation LLC for $8 million in cash and $3 million in XPO stock.