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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 reported record revenue of $3.27 billion for Q3 2021, up from $2.68 billion in Q3 2020. Net income for the quarter was $21 million, down from $28 million year-over-year. Adjusted EBITDA increased to $307 million, reflecting strong performance in the truck brokerage sector, where revenue grew by 62%. The company updated its full-year 2021 guidance, raising the adjusted EBITDA expectation to between $1.228 billion and $1.233 billion. Strategic investments in LTL capacity and a digital platform underscore growth efforts amidst challenges in labor and equipment shortages.
XPO Logistics has expanded its partnership with Cainiao Network, the logistics arm of Alibaba Group, enhancing its full truckload services in Spain. This agreement, a continuation of their two-year collaboration, aims to optimize Cainiao's operations using the XPO Connect digital platform for improved visibility and sustainability. XPO’s managing director expressed pride in the collaboration, highlighting support for Cainiao’s sales growth and environmental goals as they prepare for peak season.
XPO Logistics opened a new 150,000-square-foot less-than-truckload (LTL) service center in Chicago Heights, which includes 264 dock doors to enhance operational capacity. The facility is anticipated to improve customer service across the LTL network and bolster the local economy, creating over 200 jobs. Key features include a focus on employee satisfaction with competitive benefits, a strong safety record, and a commitment to continuous improvement. XPO is a top-three LTL provider in North America with 291 centers nationwide.
XPO Logistics (NYSE: XPO) will support five Susan G. Komen 3-Day fundraising walks, resuming in November 2021 after COVID-19 disruptions. The events will take place in San Diego (Nov 19-21), New England (Aug 26-28, 2022), Chicago (Sep 16-18, 2022), Dallas/Fort Worth (Nov 4-6, 2022), and San Diego again (Nov 18-20, 2022). XPO will also provide storage for Komen supplies and donate proceeds from co-branded merchandise in October to the organization. Josephine Berisha, XPO's CHRO, expressed pride in collaborating with Komen, emphasizing its importance to employees.
XPO Logistics (NYSE: XPO) will host its third quarter conference call on November 3, 2021, at 8:30 a.m. ET, following the release of its results after market close on November 2.
Call-in information includes a toll-free line for the US/Canada at 1-877-269-7756, with international callers using +1-201-689-7817. A live webcast will be available at www.xpo.com/investors. The replay will be accessible until December 3, 2021, via the same toll-free numbers.
XPO Logistics has appointed Christine Robinne as the head of its technology organization and digital strategy in Europe. Reporting to Luis Gomez and Mario Harik, Robinne aims to enhance XPO's digital freight management capabilities. She joins from Heineken International, where she led digital transformation initiatives. XPO's technology focuses on diverse supply chains, having received recognition as one of the World's Most Admired Companies by Fortune. This leadership change is anticipated to strengthen XPO’s innovation and customer service in the competitive logistics sector.
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