XPO Logistics said it narrowed its second-quarter loss and announced an agreement to acquire New Breed Holding Co. for about $615 million.
XPO’s net loss was $14.5 million, compared with a loss of $18.1 million in the same period last year. On a per-share basis, the third-party logistics provider’s loss was 28 cents, compared with a loss of $1 a year earlier.
Revenue more than quadrupled to $581 million from $137.1 million a year ago.
Net revenue jumped to $121.9 million, a six-fold increase from $19.3 million in last year’s quarter.
“In the second quarter, we outperformed a favorable brokerage environment and delivered strong results across the board,” XPO Chairman and CEO Bradley Jacobs said.