XPO reports income up 178%

Greenwich, Connecticut, USA: XPO Logistics second quarter 2018 revenue increased 16% year-over-year to $4.36bn.

Net income attributable to common shareholders was $137.5 million for the quarter, compared with net income attributable to common shareholders of $47.6 million for the same period in 2017. Earnings per diluted share was $1.03 for the quarter, compared with $0.38 for the same period in 2017.

Adjusted net income attributable to common shareholders, a non-GAAP financial measure, was $131.8m for the quarter, compared with $75m for the same period in 2017. Adjusted earnings per diluted share, a non-GAAP financial measure, was $0.98 for the quarter, compared with $0.60 for the same period in 2017. Adjusted net income attributable to common shareholders and adjusted earnings per diluted share for the second quarter 2018 exclude: a $15.7million benefit, or $11.5m after-tax, of non-cash unrealised gains on foreign currency contracts; and $7.8m or $5.8m after-tax, of integration and rebranding costs. Reconciliations of non-GAAP financial measures used in this release are provided in the attached financial tables.

Adjusted earnings before interest, taxes, depreciation and amortisation (adjusted Ebitda), a non-GAAP financial measure, increased to $436.7m for the second quarter 2018, excluding integration and rebranding costs of $7.8m. This compared with $370.8 million of adjusted Ebitda for the same period in 2017.

For the second quarter 2018, the company generated $267.4m of cash flow from operations and $192.9m of free cash flow.

The company reaffirmed its full year 2018 target for adjusted EBITDA of at least $1.6bn, and 2017–2018 target for cumulative free cash flow of approximately $1bn.

Bradley Jacobs, chief executive, XPO Logistics, said, “Our strong second quarter performance was highlighted by record results for revenue, net income, adjusted Ebitda, cash flow from operations and free cash flow. We grew profitability faster than revenue, with a 178% increase in net income and an 18% increase in adjusted Ebitda on organic revenue growth of 11%.

“In logistics, we implemented a record 37 customer start-ups in three months — and once again, the big driver was e-commerce. In transportation, we increased freight brokerage net revenue by 46% with a lower headcount. North American last mile and European transport were also standouts. In our North American less-than-truckload business, we achieved the best adjusted operating ratio in 30 years at 84.3%.”

“Our expanded sales force signed $2.1 billion of new business this year through June. We have innovations underway in every corner of the company. They include the ramp-up of our XPO Direct distribution network, the build-out of our digital freight marketplace, the expansion of our last mile footprint, and the deployment of dynamic analytics for workforce planning. These are secular growth drivers that create sustainable value for our customers and shareholders,” Jacobs said.

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