By Michael LeiterAssociated PressAssociated PressAUGUSTA, Ga.
(AP) R2 is one of the fastest-growing logistics companies in the country and has nearly tripled its cash flow since the merger with Phoenix Logistics Holdings Inc. in December, a new report says.
The company reported quarterly results on Friday that increased its net income to $1,539 million, from $1 billion in the year-earlier period.
Analysts said the company’s rapid expansion was driven by rising demand for its products and by a combination of rising supply and demand for cargo containers and other cargo items, which were growing quickly.
The Phoenix Logistic Group is one the nation’s top logistics companies, and its merger with R2 Logistics was expected to create a bigger market for its goods.
R2 has seen a rapid expansion of its operations since the deal, and R2 said its stock price jumped over 1,100 percent during the period.
R2 said it would invest more than $3 billion to expand its operations in 2018.
The merger is expected to result in about 1,000 jobs, about $1 million of which will be spent in Atlanta, and another 1,400 jobs, $1 of which is planned for Atlanta.