XPO Logistics announces third quarter 2011 results
XPO Logistics, Inc. has announced its financial results for the third quarter of 2011. Total revenue was $47.4m, a 6.6% increase from the same period last year. Net income was $190,000 compared with net income of $1.7m for the same period in 2010. EBITDA was $775,000 for the third quarter, compared with $3.2m for the same period in 2010. EBITDA was negatively impacted by $700,000 of indirect transaction costs related to the equity investment and $1.6m of costs for executive recruitment and related fees.
Bradley Jacobs, Chairman and Chief Executive Officer, said, "While our overall operating results in the quarter were mixed, we’re encouraged by the opportunities to enhance the earnings power of all three of our business units. We have an extensive plan in place to expand XPO through acquisitions, organic growth and the optimization of our operations. In addition, we’ve assembled a highly experienced management team with the specific expertise required for this strategy."
Jacobs continued, "We began taking action immediately after we closed the equity investment in early September. For example, we’re opening a new truck brokerage location in Phoenix this month to replicate the high-growth model of our Bounce Logistics operation. This is the first of what we intend to be an aggressive expansion of our truck brokerage footprint."
Across its three operating segments results were mixed, with Express-1 and Bounce Logistics achieving growth, while Concert Group Logistics struggled.
Express-1 (expedited transportation solutions) generated revenue of $23.4m, a 9.4% increase from the same period in 2010.
Concert Group Logistics (CGL) (freight forwarding) generated revenue of $16.9m, a 9% decrease from the same period in 2010. The decrease was primarily the result of lost revenue from larger customers which could not be recovered, despite an increase in the number of new customers.
Bounce Logistics (premium truck brokerage) generated revenue of $8.2m, a 44.8% increase from the same period in 2010.
Quelle: eyefortransport
Portal: www.logistik-express.com