During the third quarter, XPO Logistics earned revenues of $194 million, a 173.3-percent increase, year over year, but finished with a net loss of $6 million, nearly doubling its loss from the same period in 2012.
"While we reported a loss, as expected, our strategic investments are driving significant revenue growth and margin improvement,” XPO’s chairman and chief executive officer, Bradley Jacobs, said in a statement. “Given our trajectory, we’re on track to meet our 2013 targets for positive EBITDA in the fourth quarter and a billion dollar revenue run rate by year-end."
For the quarter, the company’s freight brokerage business generated a revenue of $152.6 million, a 374.4-percent increase from the 2012 period, and revenue for the expedited transportation segment ticked up 5.7 percent to $25.1 million. Freight forwarding revenues were up 10.5 percent to $19.1 million.
Jacobs said XPO has received $1.9 million in tax incentives to build a brokerage facility in Louisville, Ken., to add to its recent openings in Houston and Richmond, Va.
“And we’re continuing to grow our positions in LTL and intermodal,” he continued. “Our momentum is resonating with large shippers who see that we have both the desire to outperform, and the resources to deliver.”