- XPO Logistics Inc XPO reported first-quarter FY23 revenue was $1.91 billion, a slight increase of 0.7% year-on-year, beating the consensus of $1.87 billion.
- Adjusted EPS was $0.56 (+22% Y/Y), beating the consensus of $0.46.
- Q1 Operating income was $58 million, compared with $63 million in 1Q22, reflecting higher transaction costs related to the RXO spin-off.
- North American Less-Than-Truckload revenue was $1.12 billion (+1.2% Y/Y). Shipments per day increased 1.5% Y/Y, tonnage per day decreased 1.8% Y/Y, and yield, excluding fuel, rose 1.4%.
- European Transportation generated revenue of $787 million, the same as last year, and on a constant currency basis, rose by 6% Y/Y.
- Adjusted EBITDA increased to $210 million in the quarter, compared with $184 million for 1Q22.
- XPO generated $76 million of cash flow from operating activities in the quarter. Free cash outflow was $149 million.
- “Demand remains soft, with a negative impact on tonnage, but we’re actively reducing our operating costs, while continuing to invest capital to meet the long-term needs of our customers,” CEO Mario Harik said.
- Price Action: XPO shares are trading higher by 4.95% at $46.61 on the last check Thursday
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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