XPO Logistics XPO today announced the following preliminary expected
financial results for the fourth quarter ended December 31, 2013.
Based on the information available as of January 27, 2014 and the
expectations outlined below, the company has achieved its 2013 targets
for an annual revenue run rate of more than $1 billion as of December
31; and positive earnings before interest, taxes, depreciation and
amortization ("EBITDA") for the fourth quarter.
The company further expects its financial results for the fourth quarter
ended December 31, 2013, to include:
-- Total revenue in the range of $256.0 million and $258.0 million,
reflecting an increase of 135% to 137%, respectively, from the fourth
quarter of 2012.
-- Gross profit in the range of $52.5 million and $53.5 million, reflecting
a gross margin percentage of 20.5% to 20.7%, an increase of 610 to 630
basis points from the gross margin percentage of 14.4% for the fourth
quarter of 2012. The increase in gross margin percentage reflects
increases in gross margin percentage across all of the company's
segments.
-- Truckload brokerage gross margin as a percentage of revenue, excluding
last-mile operations, in the range of 14.4% to 14.7%. This represents a
sequential improvement from 13.6% for the third quarter of 2013, and a
year-over-year improvement from 13.4% for the fourth quarter of 2012.
-- Positive EBITDA performance in the quarter after the following
expected negative impacts: $1.1 million to $1.3 million of transaction
costs; $0.9 million to $1.1 million of litigation costs; and $1.3
million to $1.5 million of non-cash share based compensation cost.
The above information is subject to change as the company completes its
financial close process and its outside auditors audit such information.
About XPO Logistics, Inc.
XPO Logistics, Inc. XPO is one of the fastest growing providers
of transportation logistics services in North America: the fourth
largest freight brokerage firm, the largest provider of heavy goods,
last-mile logistics, and the largest manager of expedited shipments,
with growing positions in managed transportation, global freight
forwarding, less-than-truckload brokerage and intermodal. The company
facilitates more than 20,000 deliveries a day throughout the U.S.,
Mexico and Canada.
XPO Logistics currently has 92 locations and over 2,200 employees
operating in the United States and Canada. Its three business segments -
freight brokerage, expedited transportation and freight forwarding - use
relationships with ground, sea and air carriers to serve over 9,500
customers in the manufacturing, industrial, retail, commercial, life
sciences and government sectors. The company has approximately 400
trucks under exclusive contract and over 24,000 additional relationships
with carriers that provide capacity. For more information:
www.xpologistics.com
Forward Looking Statements
This document includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. All statements other
than statements of historical fact are, or may be deemed to be,
forward-looking statements. In some cases, forward-looking statements
can be identified by the use of forward-looking terms such as
"anticipate," "estimate," "believe," "continue," "could," "intend," "may,
" "plan," "potential," "predict," "should," "will," "expect," "objective,
" "projection," "forecast," "goal," "guidance," "outlook," "effort,"
"target" or the negative of these terms or other comparable terms.
However, the absence of these words does not mean that the statements
are not forward-looking. These forward-looking statements are based on
certain assumptions and analyses made by us in light of our experience
and our perception of historical trends, current conditions and expected
future developments, as well as other factors we believe are appropriate
in the circumstances.
These forward-looking statements are subject to known and unknown risks,
uncertainties and assumptions that may cause actual results, levels of
activity, performance or achievements to be materially different from
any future results, levels of activity, performance or achievements
expressed or implied by such forward-looking statements. Factors that
might cause or contribute to a material difference include, but are not
limited to, those discussed in our filings with the Securities and
Exchange Commission and the following: economic conditions generally;
competition; our ability to find other suitable acquisition candidates
and execute our acquisition strategy; Pacer International, Inc.
("Pacer") shareholder approval and the satisfaction of other closing
conditions to the consummation of our pending acquisition of Pacer; the
expected closing date for the acquisition of Pacer; the expected impact
of the acquisition of Pacer, including the expected impact on the
Company's results of operations; our ability to raise debt and equity
capital; our ability to attract and retain key employees to execute our
growth strategy, including retention of Pacer's management team;
litigation, including litigation related to alleged misclassification of
independent contractors; our ability to develop, implement and maintain
a suitable information technology system; our ability to maintain
positive relationships with our network of third party transportation
providers; our ability to retain our and Pacer's largest customers; our
ability to successfully integrate Pacer and other acquired businesses;
and governmental regulation. All forward-looking statements set forth
herein are qualified by these cautionary statements and there can be no
assurance that the actual results or developments anticipated by us will
be realized or, even if substantially realized, that they will have the
expected consequences to or effects on us or our business or operations.
Forward-looking statements set forth in this press release speak only as
of the date hereof and we do not undertake any obligation to update
forward-looking statements to reflect subsequent events or circumstances,
changes in expectations or the occurrence of unanticipated events,
except to the extent required by law.
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