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.
He said XPO generated 49% organic growth on a companywide basis and 67% organic growth in its freight brokerage unit.
XPO said it expects the acquisition of New Breed to close in the third quarter. New Breed provides logistics services for omni-channel distribution, reverse logistics, transportation management and freight bill audit and payment.
XPO also said it has completed acquiring third-party logistics provider Atlantic Central Logistics for about $36.5 million.