GREENWICH, CT: XPO Logistics has reported Q3 2015 revenue of US$2.4 billion and net revenue of US$1.1 billion – year-on-year increases of 256.5 percent and 542.4 percent respectively due largely to earlier acquisitions.
The net loss was US$93.1 million compared with a net loss of US$12.3 million for the same period in 2014. Adjusted EBITDA rose from US$24.2 million to US$166.1 million year-on-year.
As of November 03, the company had approximately US$530 million in cash, and an undrawn US$1 billion asset-backed revolving line of credit.
For the nine months ended September 30, XPO reported revenue of US$4.3 billion, a 180.6 percent increase from the same period in 2014. The net loss rose from US$55.9 million to US$183.5 million.
Adjusted EBITDA for the first nine months of 2015 increased from US$39.8 million in 2014 to US$274.7 million. XPO forecasts an EBITDA of US$1.25 billion "based on existing operations" in 2016 and US$1.7 billion by 2018.
Bradley Jacobs, chairman and CEO of XPO commented: " In our transportation segment, we improved margins year-over-year by optimizing our pricing and lowering our cost of purchased transportation in truck brokerage and intermodal, last mile, expedite and global forwarding.
"Our European operations overall are performing well ahead of expectations - adjusted EBITDA in Europe was up over 26 percent year-over-year for transport and 17 percent for logistics.
"We're in our strongest position yet to create value through the optimization of our operations. Although we completed the purchase of Con-way just last Friday, we've already taken out over US$30 million of excess costs on an annualized basis," he added.