XPO Logistics accelerates earnings in 2016
Friday, February 24, 2017 10:56 AM
XPO Logistics Inc. this week reported fourth-quarter net income of $29.8 million, or 22 cents per share, on revenue that increased 10 percent from the year-ago quarter to $3.68 billion. The company had a net loss of $63.1 million in the fourth quarter of 2015. For all of 2016, XPO nearly doubled its revenue from 2015, to $14.62 billion. Last year's net income of $69 million, or 53 cents per share, compares with a net loss of $191.1 million in 2015, or a loss of $2.65 per share. XPO in 2015 acquired Norbert Detrassangle, which a year earlier had bought Des Moines-based Jacobson Cos. XPO attributed the year-over-year increase in revenue primarily to its acquisition of Con-way Inc. in October 2015 and to organic growth in both North America and Europe, partially offset by the divestiture of the former Con-way Truckload in October 2016.