XPO to pick up the pace of LTL rate hikes, Jacobs says

Customers of XPO Logistics, Inc.’s (NYSE:XPO) less-than-truckload (LTL) business should brace themselves for a more rapid-fire pace of rate hikes, if comments made Thursday by XPO Chairman and CEO Brad Jacobs are any indication.Jacobs also said that XPO “made a mistake” by relying disportionately on the business from a single customer, which was never identified but is known to be Amazon.com, Inc. (NASDAQ:AMZN). Late last year, the customer began pulling $600 million of business from XPO, or two-thirds of its spend with the company. Before then, it represented between 5 percent and 7 percent of XPO’s total revenue. The hit to XPO was severe, and Jacobs vowed Thursday that, in the future, no one customer would account for more than 2 percent of the company’s business.