Express-1 Expedited Solutions, Inc. (XPO) today reported its earnings for the first quarter ended March 31, 2010.
For the quarter, revenue from continuing operations increased by 58% to $31.6 million compared to $20.1 million in the first quarter of 2009. Recently acquired LRG International, Inc., contributed $2.1 million in revenue for the quarter.
“2009 was a year of focusing on a strategic plan that we hoped would prepare us for 2010. The first quarter results have validated last year’s efforts and have prepared us to thrive in an improved economy. We look forward to continued strong results for the remainder of 2010,” commented Michael R. Welch, the Company’s CEO.
“Mike and his team have stayed focused on the strategic plan and I believe our results are proof of his commitment. I feel very positive that he and his team will continue this growth through 2010,” stated James Martell, Chairman of the Board of Directors.
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The expedited freight industry is typically one of the first to benefit from an economic recovery, the company noted in its first-quarter earnings report, released May 12.
“Express-1’s continued investment in sales and customer diversification has paid off handsomely as it has expanded its presence into other markets,” the company said.
The company derived more than half its revenue -- $16.2 million -- from its expedited unit, Express-1. Its sales rocketed 82.4 percent and operating profit 90 percent.
Its freight forwarding unit, Concert Logistics Group, increased revenue 34.2 percent to $12.9 million from a year ago, while Bounce Logistics, a truckload brokerage, increased revenue 75.4 percent to $3.1 million.
“This positive trend reflects the overall improvement in the economy in addition to efficiencies garnered during the economic downturn,” the company said.
For the quarter, revenue from continuing operations increased by 58% to $31.6 million compared to $20.1 million in the first quarter of 2009. Recently acquired LRG International, Inc., contributed $2.1 million in revenue for the quarter.
“2009 was a year of focusing on a strategic plan that we hoped would prepare us for 2010. The first quarter results have validated last year’s efforts and have prepared us to thrive in an improved economy. We look forward to continued strong results for the remainder of 2010,” commented Michael R. Welch, the Company’s CEO.
“Mike and his team have stayed focused on the strategic plan and I believe our results are proof of his commitment. I feel very positive that he and his team will continue this growth through 2010,” stated James Martell, Chairman of the Board of Directors.
Also:
The expedited freight industry is typically one of the first to benefit from an economic recovery, the company noted in its first-quarter earnings report, released May 12.
“Express-1’s continued investment in sales and customer diversification has paid off handsomely as it has expanded its presence into other markets,” the company said.
The company derived more than half its revenue -- $16.2 million -- from its expedited unit, Express-1. Its sales rocketed 82.4 percent and operating profit 90 percent.
Its freight forwarding unit, Concert Logistics Group, increased revenue 34.2 percent to $12.9 million from a year ago, while Bounce Logistics, a truckload brokerage, increased revenue 75.4 percent to $3.1 million.
“This positive trend reflects the overall improvement in the economy in addition to efficiencies garnered during the economic downturn,” the company said.
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