Welcome to our dedicated page for XPO news (Ticker: XPO), a resource for investors and traders seeking the latest updates and insights on XPO stock.
XPO, Inc. (NYSE: XPO) is a leading provider of asset-based less-than-truckload (LTL) freight transportation in North America. Headquartered in Greenwich, Connecticut, XPO efficiently moves goods across its network using proprietary technology. The company serves approximately 52,000 customers with a vast network of 610 locations and 39,000 employees across North America and Europe.
XPO is rapidly evolving, particularly following the spinoff of its contract logistics division, GXO, in 2021, and its freight brokerage operations, RXO, in 2022. Today, XPO is focused on becoming a pure-play asset-based LTL carrier, with LTL shipping making up around 60% of total revenue. The company also has significant involvement in European trucking, which they plan to divest when the right opportunity arises.
Recent achievements include strong financial performance in a challenging market, highlighted by a 6% year-over-year revenue growth and a 37% increase in adjusted EBITDA for Q1 2024. XPO's LTL segment outperformed with a 50% increase in adjusted operating income and a 390-basis-point improvement in adjusted operating ratio. Notably, the company continues to achieve record-low damage claims ratios, reflecting their commitment to quality service.
XPO has been proactive in expanding its footprint, opening multiple new freight transportation centers, such as in Las Vegas and Sherman, Texas. These expansions are geared towards enhancing service quality, increasing capacity, and providing specialized services such as trade show shipping.
In addition to its operational success, XPO is dedicated to corporate responsibility. The company recently extended its partnership with Truckers Against Trafficking, training nearly 5,000 drivers to combat human trafficking. This initiative underscores XPO's commitment to safety and community welfare.
With a strong foundation, innovative technology, and a customer-focused approach, XPO continues to solidify its position as a leader in the LTL transportation sector.
XPO Logistics, Inc. (NYSE: XPO) has announced the inaugural board of directors for its upcoming spin-off, RXO, a tech-enabled brokered transportation platform. Effective upon the transaction's closing, expected in Q4 2022, RXO's board will include seven independent directors. Brad Jacobs remains non-executive chairman, while Drew Wilkerson will lead as CEO. The spin-off aims to create two independent publicly traded companies, with RXO positioned as the fourth-largest freight broker in the U.S. The spin-off is subject to various regulatory conditions.
XPO Logistics, Inc. (NYSE: XPO) has been named to the 2023 FreightTech 100 by FreightWaves, recognizing the most innovative companies in the transportation sector. The upcoming spin-off RXO also made the list, highlighting its potential as a standalone brokered transportation leader. Mario Harik, XPO’s CIO and incoming CEO, noted the company has invested over $3 billion in technology over the past 11 years to enhance supply chain efficiency. The FreightTech 100 received over 1,500 nominations, with a shortlist for the FreightTech 25 expected in November.
XPO Logistics, Inc. has appointed Jared Weisfeld as chief strategy officer for its upcoming spin-off, RXO, which will focus on brokered transportation. Weisfeld, previously with Jefferies Financial Group, will drive RXO's strategy and growth opportunities, reporting to Drew Wilkerson, the CEO of RXO. The spin-off is expected to be completed in Q4 2022, transitioning XPO into two publicly traded companies, enhancing opportunities in North America's transportation sector.
XPO Logistics, Inc. (NYSE: XPO) has announced the appointment of Jay Silberkleit as chief information officer, effective upon the spin-off of its brokered transportation platform. Silberkleit will succeed Mario Harik, who is set to become CEO after the spin-off. As a long-time XPO leader, Silberkleit has played a key role in shaping the company’s technology and LTL optimization. The spin-off, expected to finalize in Q4 2022, aims to create two distinct companies targeting growth in North America.
XPO Logistics (NYSE: XPO) has appointed Jamie Harris as the CFO of RXO, the upcoming spin-off of XPO’s brokered transportation platform, starting September 26, 2022. Harris has 35 years of experience, including roles at SPX Technologies and Coca-Cola Consolidated. Concurrently, David Murray has been named Vice President of Financial Shared Services and Treasurer for RXO. The spin-off, aimed to enhance growth prospects, is expected to finalize in Q4 2022. Both appointments are part of XPO's strategy to strengthen its leadership ahead of the separation.
XPO Logistics (NYSE: XPO) has announced Jeff Firestone as the new chief legal officer for RXO, the upcoming spin-off of its brokered transportation platform. Firestone, who has over 26 years of experience, previously worked at United Parcel Service, where he held numerous senior legal roles. He will officially join XPO as chief legal officer of the North American transportation division and lead RXO's legal team post-spin-off, expected in Q4 2022. This appointment is seen as a strategic move to enhance RXO's leadership ahead of its separation.
XPO Logistics, Inc. (NYSE: XPO) has appointed Nina Reinhardt as chief communications officer for RXO, its upcoming spin-off focused on brokered transportation. Reinhardt transitions from Honeywell, where she held various leadership roles over 18 years. The spin-off is expected to finalize in Q4 2022, creating two distinct companies poised for growth. Drew Wilkerson, the new CEO of RXO, highlighted Reinhardt's capabilities in enhancing brand reputation and driving shareholder value. The spin-off will separate XPO’s asset-light brokered transportation business from its asset-based services.
XPO Logistics has announced the appointment of Mario Harik as the new president of North American less-than-truckload (LTL) and future CEO, succeeding Brad Jacobs post spin-off of its tech-enabled brokerage platform. Harik, previously acting LTL president, has improved the company's operating efficiency and pricing significantly. For 2021, XPO's North American LTL generated $4.1 billion in revenue and $618 million in operating income. The company aims to triple its adjusted EBITDA by year-end 2022, focusing on enhancing its national LTL service capabilities.
XPO Logistics reported strong second-quarter 2022 results, with revenue of $3.23 billion and a net income of $141 million, reflecting year-over-year increases. Adjusted EBITDA reached a record $405 million, showing substantial growth from $330 million a year earlier. The North American LTL operating ratio improved to 82.5%, and the company achieved a 16% volume growth in truck brokerage. XPO raised its 2022 outlook for adjusted EBITDA to $1.40 billion - $1.43 billion, demonstrating confidence in ongoing business momentum.
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