XPO Turns Last Year's First-Quarter Loss Into This Year’s Profit
XPO Logistics turned last year’s first-quarter net loss into a profit of similar magnitude even though revenue was flat, the company said May 3.
At the Greenwich, Conn.-based company’s North American less-than-truckload division, operating income and revenue increased.
For the quarter ended March 31, XPO posted net income of $19.5 million, or 16 cents a share, on revenue of $3.54 billion. During the same time in 2016, the company lost $23.2 million, or 21 cents, on sales of $3.55 billion.
The consensus earnings estimate for the recent quarter was 7 cents per share.
“We anticipate that our performance will remain on a trajectory of high growth and high returns. We have a larger, more integrated sales organization feeding active bids into our $3 billion pipeline,” Chairman and CEO Bradley Jacobs said in the earnings statement.
XPO ranks No. 3 on the Transport Topics Top 100 list of the largest for-hire carriers in the United States and Canada and also is the third-largest LTL carrier on the list.
The LTL division’s operating income grew to $78.2 million from $52.5 million as quarterly revenue increased to $869.2 million from $820 million.
Operating ratio — expenses as a percentage of revenue — improved to 91 from 93.6.
A diversified transportation services provider with most operations in North America and Europe, XPO’s logistics division also increased its profitability and size.
Operating income increased to $47.2 million from $31.9 million in the year-ago quarter as the division’s quarterly sales grew to $1.3 billion from $1.26 billion.
