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XPO Logistics posts Q1 net profit after being in the red in Q1 last year
US major provider of transportation and logistics services, New York-listed XPO Logistics, has announced net profit attributable to common shareholders of US$19.5 million in the first quarter of the year, following a net loss of $23.2 million a year earlier.
Revenue was $3.54 billion for the quarter, compared with $3.55 billion for the same period in 2016. Revenue increased year over year by $122.6 million excluding the first quarter 2016 revenue from the North American truckload unit divested in October 2016, the American Journal of Transportation reported.
Chairman and CEO Bradley Jacobs said: "We started the year on a strong note by solidly beating our expectations for earnings, and continuing to expand margins in both transportation and logistics.
"We anticipate that our performance will remain on a trajectory of high growth and high returns. We have a larger, more integrated sales organisation feeding active bids into our $3 billion pipeline. The $716 million of sales we closed through March was a first quarter record for our company, up significantly from $429 million a year ago.
"Our global procurement team has already achieved $80 million of annual savings, and we're using our technology to better utilise our labour and capacity - all while helping our customers manage their supply chains more efficiently."
Revenue was $3.54 billion for the quarter, compared with $3.55 billion for the same period in 2016. Revenue increased year over year by $122.6 million excluding the first quarter 2016 revenue from the North American truckload unit divested in October 2016, the American Journal of Transportation reported.
Chairman and CEO Bradley Jacobs said: "We started the year on a strong note by solidly beating our expectations for earnings, and continuing to expand margins in both transportation and logistics.
"We anticipate that our performance will remain on a trajectory of high growth and high returns. We have a larger, more integrated sales organisation feeding active bids into our $3 billion pipeline. The $716 million of sales we closed through March was a first quarter record for our company, up significantly from $429 million a year ago.
"Our global procurement team has already achieved $80 million of annual savings, and we're using our technology to better utilise our labour and capacity - all while helping our customers manage their supply chains more efficiently."
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