CONNECTICUT's XPO Logistics third quarter operating profit increased 12.2 per cent to US$414.9 million, drawn on revenues of$4.3 billion, an increase of 11.5 per year on year.
Growth was attributed to rising demand for e-commerce logistics globally, as well as the consumer packaged goods and food and beverage sectors in North America and the fashion sector in Europe. reported London's Air Cargo News.
XPO said this was primarily due to a $15.6 million charge related to a customer bankruptcy, and to a record number of contract start-ups over the course of the year to date: 46 in Europe and 44 in North America.
Its transport segment benefited from increases in freight brokerage and last-mile demand in North America, as well as dedicated truckload transportation in the UK and France.
Noting the company's 'robust organic growth', chairman and CEO Bradley Jacobs said: 'Company wide, we again grew profitability faster than revenue, despite the impact of a customer bankruptcy.
'Our disciplined investments in growth over the past 18 months are gaining traction. We closed $918 million of new business in the quarter, up 43 per cent from last year, due in large part to our expanded sales organisation and proprietary technology,' he said
Mr Jacobs said contract logistics won a record 90 customer contracts through September, enabled by intelligent automation.
'And in North American brokerage, we used dynamic freight-matching algorithms to realise 18 per cent revenue growth and 370 basis points of margin improvement with fewer people. This is the same technology used by XPO Connect, our digital freight marketplace,' he said.
Growth was attributed to rising demand for e-commerce logistics globally, as well as the consumer packaged goods and food and beverage sectors in North America and the fashion sector in Europe. reported London's Air Cargo News.
XPO said this was primarily due to a $15.6 million charge related to a customer bankruptcy, and to a record number of contract start-ups over the course of the year to date: 46 in Europe and 44 in North America.
Its transport segment benefited from increases in freight brokerage and last-mile demand in North America, as well as dedicated truckload transportation in the UK and France.
Noting the company's 'robust organic growth', chairman and CEO Bradley Jacobs said: 'Company wide, we again grew profitability faster than revenue, despite the impact of a customer bankruptcy.
'Our disciplined investments in growth over the past 18 months are gaining traction. We closed $918 million of new business in the quarter, up 43 per cent from last year, due in large part to our expanded sales organisation and proprietary technology,' he said
Mr Jacobs said contract logistics won a record 90 customer contracts through September, enabled by intelligent automation.
'And in North American brokerage, we used dynamic freight-matching algorithms to realise 18 per cent revenue growth and 370 basis points of margin improvement with fewer people. This is the same technology used by XPO Connect, our digital freight marketplace,' he said.