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1/27/2014 4:25:00 PM Write a Letter to the Editor Write a letter to the Editor

XPO Says It Will Sell Stock, Issues Preliminary 4Q Report

XPO Logistics Inc. said it plans to offer 15 million shares to finance the cash portion of its previously announced purchase of Pacer International Inc. for $335 million.

XPO, based in Greenwich, Conn., last month agreed to pay $6 in cash and $3 in stock for each share of Pacer to enter the intermodal business that is responsible for about 70% of Pacer’s revenue and all of its profits.

XPO also issued preliminary results for 2013, including a revenue pace of more than $1 billion per year and positive earnings before interest, taxes, depreciation and amortization, known as EBITDA, in the fourth quarter. Both of those financial targets were set last year by company officials.

The fourth-quarter results exclude Pacer, since that purchase hasn’t been completed.

Fourth-quarter revenue was gauged at between $256 million and $258 billion in the fourth quarter, with a profit margin of about $53 million. Margins improved in every business unit, including truckload brokerage that climbed to 14.7%. It was 13.4% in the 2012 final quarter.

The company didn’t say how much its EBITDA was for the quarter.

By Transport Topics

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