XPO Loss Widens; Revenue Jumps
XPO Logistics Inc. reported a first-quarter loss that nearly doubled from the same period last year, as revenue rose at the company.
The Greenwich, Connecticut, company lost $28.1 million, or 70 cents per share, from $14.5 million, or 85 cents, a year ago.
XPO also reported $700,000 in earnings before interest, taxes, depreciation and amortization, excluding one-time costs.
Revenue more than doubled to $282.4 million from $114 million as the brokerage and third-party logistics company continued to build out its service network.
The results do not include XPO’s acquisition of Pacer International that was completed at the end of the quarter.
Its brokerage business’ loss before interest and taxes rose slightly to $3.96 million, while revenue nearly tripled to $231.7 million.
The smaller freight forwarding business had income on that basis of $552,000, nearly 50% higher. Revenue rose about 20% to $19.5 million.
Expedited revenue rose more than 40% to $33.8 million and income climbed to $3.75 million.
CEO Bradley Jacobs said in a statement that revenue is rising faster than expected.
The one-time costs were related to factors such as the Pacer acquisition and depreciation, amortization and conversion of debt into stock. Corporate costs and interest expense totaled more than $31 million.
Per-share amounts also were affected by the issuance of new shares.
