XPO Logistics enters Canada with Kelron buy
(Reuters) - Transport services company XPO Logistics Inc (XPO.N: Quote) reported a smaller-than-expected quarterly loss and said it acquired truck broker Kelron Logistics to expand into Canada.
XPO paid $8 million for Kelron, which generated trailing 12 months revenue of about $100 million as of June.
The Kelron acquisition will add to earnings from 2013, XPO Chief Executive Brad Jacobs told Reuters.
Jacobs also said XPO was on track to add about $250 million revenue from acquisitions this year.
XPO posted a second-quarter net loss attributable to shareholders of $5.9 million, or 34 cents per share, compared with a net income of $914,000, or 11 cents per share, a year earlier.
Excluding items, XPO lost 17 cents per share.
Revenue rose 24 percent to $54.5 million.
Analysts expected a loss of 21 cents per share on revenue of $55.0 million, according to Thomson Reuters I/B/E/S.
Shares of the company closed at $13 on Monday on the New York Stock Exchange.
(This August 6 story has been corrected to say analysts expected a loss of 21 cents per share, not profit)
(Reporting by A. Ananthalakshmi in Bangalore; Editing by Sriraj Kalluvila)
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