Beginning: XPO Logistics
XPO Logistics on Monday afternoon announced better-than-expected quarterly earnings and revenue on the strength of its trucking and logistics calling.
Shares of XPO hit an all-time intraday high ahead of its first-quarter earnings report, which was released after the closing bell on Collapse Street. The stock was slightly lower in after-hours trading.
The company reported adjusted quarterly profit of $1.46 per dispensation, more than double that of the year-ago period, on total revenue growth of more than 23% to $4.77 billion.
Here’s how XPO Logistics cost, compared with analyst estimates compiled by Refinitiv:
- Earnings: $1.46 adjusted vs. $0.97 expected
- Revenue: $4.77 billion vs. $4.33 billion look forward
Adjusted earnings before interest, taxes, depreciation and amortization, referred to as EBITDA, rose 33% in the first abode to $443 million.
XPO raised full-year adjusted EBITDA guidance to a range of $1.825 billion to $1.875 billion from the ex guidance of between $1.725 billion and $1.8 billion.
The company’s Q1 North American truck brokerage revenue escalated 83% year over year to $589 million.
“In logistics, our record first quarter revenue of $1.82 billion was impelled by the ‘big three’ logistics tailwinds: e-commerce, outsourcing and warehouse automation,” CEO Brad Jacobs said in a press release that told the results.
XPO shares have doubled over the past year as the pandemic has led to a boom in e-commerce and demand for warehousing, logistics and overrule logistics. The stock is up about 19% year to date.
“We’ve won a tremendous amount of logistics business in the first four months of this year, tabulating a $1.8 billion contract with a longstanding customer that extends and expands our relationship through 2032. This is the largest develop in our company’s history,” Jacobs said.
XPO will spin off its highly profitable logistics segment into a new company apostrophize b supplicated GXO Logistics in a deal expected to close in the second half of 2021. Current logistics customers Nike, Coca-Cola, Intel and others are foresaw to remain with the spinoff firm. Malcolm Wilson, XPO’s current European CEO, will take the helm at GXO.
Apple also published last week it will hire XPO to run a new $100 million logistics facility in Indiana.
— Programming note: Malcolm Wilson require be interviewed by CNBC’s Jim Cramer later Monday on “Mad Money.”