Acquisitions Help XPO Logistics Triple Revenues

XPO Logistics Inc, which acts as a broker between shippers and freight companies, said its revenue more than tripled, driven by acquisitions.

The company also said today that it was targeting about $1.7 billion in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in 2018, up from its previous target of $1.5 billion in 2019.

Greenwich, Connecticut-based XPO said revenue from its transportation business, which includes truck brokerage, truckload and less than truckload, jumped 128 percent to $1.40 billion in the third quarter ended Sept. 30.

A string of acquisitions including a $3.53 billion buyout of France-based Norbert Dentressangle was the primary driver of a rise in transportation revenue, the company said.

XPO, whose customers include Macy’s Inc, ConAgra Foods Inc and Dean Foods Co, also acquired trucking and logistics company Con-way Inc for $3 billion last month.

Breaking News: XPO Logistics Appoints Tony Brooks as President of Less-Than-Truckload Business

XPO has grown to about $3 billion in market capitalization from $173 million in 2011, as it seeks to be a one-stop shop in U.S. transportation logistics business, largely through acquisitions.

Revenue jumped to $2.36 billion from $662.5 million in the third quarter.

XPO’s net loss attributable to shareholders widened to $93.1 million, or 94 cents per share, from $12.3 million, or 23 cents per share, a year earlier.

Related: XPO Logistics CEO Bradley Jacobs Talks Con-way, Strategy, and Future Plans