XPO Logistics turns a profit in Q1

The Greenwich, Conn.-based third party logistics provider recorded a net income of $24.9 million for the first quarter of 2017, up from a net loss of $19.3 million for the corresponding period in 2016.    XPO Logistics posted a net income of $24.9 million for the first quarter of 2017, compared to a net loss of $19.3 million in the same 2016 period, according to the company’s latest financial statements.
   The Greenwich, Conn.-based third-party logistics provider’s revenues reached $3.54 billion for this year’s first quarter, slipping 0.2 percent year-over-year.
   In XPO’s transportation segment, revenues totaled $2.28 billion for the quarter, down 0.9 percent from the first quarter of 2016, reflecting the divestiture of the company’s North American truckload unit on Oct. 27, 2016.
   Meanwhile, the logistics segment’s revenues grew 3.1 percent year-over-year to $1.3 billion in first quarter 2017, primarily due to growth in contract logistics in Europe, specifically in e-commerce and cold chain contracts in the United Kingdom, the Netherlands and Italy. The gains were partially offset by the unfavorable impact of currency fluctuations, particularly with the British pound sterling.
   “We anticipate that our performance will remain on a trajectory of high growth and high returns,” XPO Logistics Chairman and CEO Bradley Jacobs said of the results. “We have a larger, more integrated sales organization 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.”