XPO Logistics posts Q1 net profit after being in the red in Q1 last year

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."

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