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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 (NYSE: XPO) announced a partnership with Hiring our Heroes, a program aimed at placing veterans and military spouses in civilian jobs. The inaugural fellowship class completed a 12-week training program, resulting in three veterans starting full-time positions at XPO. Chief Human Resources Officer Josephine Berisha emphasized the company’s commitment to diversity and the value that veterans bring to the organization. XPO has been recognized with a bronze designation on the 2021 Military Friendly Employers list, enhancing its reputation in veteran recruitment.
XPO Logistics (NYSE: XPO), a leading global freight transportation provider, has been recognized with top marks for less-than-truckload (LTL) value and customer service in the 2021 Quest for Quality Awards by Logistics Management magazine. XPO earned accolades in three categories: national LTL carrier, managed transportation solutions provider, and airfreight forwarder. Drew Wilkerson, XPO's president of North American transportation, emphasized the importance of customer satisfaction, viewing this award as a vote of confidence from their clients.
XPO Logistics (NYSE: XPO) announced a significant milestone for its XPO Connect digital freight marketplace, with over 500,000 downloads of its Drive XPO mobile app for truck drivers, more than triple the downloads from the previous year. This app enhances interaction between drivers and shippers, leveraging digital brokerage capabilities. Drew Wilkerson, president of North American transportation, emphasized that XPO Connect improves visibility and business intelligence in load management, optimizing the company's truckload capacity.
XPO Logistics (NYSE: XPO) has recognized seven drivers from its less-than-truckload (LTL) division for surpassing three million accident-free miles in 2021. This achievement is part of the company’s safety initiative, Road to Zero, promoting a culture of safety among its employees. In total, 133 drivers were honored, with 27 reaching two million and 99 achieving one million accident-free miles. These drivers collectively drove 174 million accident-free miles. XPO continues to invest in technology and training to enhance safety and efficiency across its operations.
On August 2, 2021, GXO Logistics (NYSE: GXO) announced the appointment of Jason Papastavrou, Ph.D., to its board of directors following the company’s spin-off from XPO Logistics (NYSE: XPO). Dr. Papastavrou, previously part of XPO's board, is the founder and chief investment officer of ARIS Capital Management and has extensive experience in the financial sector. With 94,000 team members, GXO is the largest pure-play contract logistics provider, holding only 5% of the $430 billion addressable logistics market in Europe and North America.
GXO Logistics (NYSE: GXO), the world’s largest pure-play contract logistics provider, commenced trading on the New York Stock Exchange on August 2, 2021, following its spin-off from XPO Logistics (NYSE: XPO). CEO Malcolm Wilson highlighted this milestone as a launchpad for future growth, supported by a workforce of 94,000 and over 208 million square feet of warehouse space. The spin-off involved XPO stockholders receiving one share of GXO for each share they held, completing a tax-free distribution. GXO emphasizes technology-driven supply chain solutions for its blue-chip customers.
XPO Logistics has completed the spin-off of its global logistics segment, now known as GXO Logistics, effective August 2, 2021. The new slate of directors for XPO has become effective with this transaction. Key leadership remains, with Brad Jacobs as chairman and several new board members appointed, enhancing the board's experience and diversity. The new directors include Jason Aiken, Mary Kissel, Allison Landry, and Johnny C. Taylor, Jr. This transition is expected to strengthen XPO's growth strategy and market opportunities.
XPO Logistics, Inc. has completed the spin-off of GXO Logistics, Inc., resulting in two independent publicly traded companies. XPO continues to operate as a leading freight transportation provider under the ticker symbol 'XPO', while GXO, now the largest pure-play contract logistics provider, begins trading under 'GXO'. The spin-off aims to enhance both companies' potential, with shareholders receiving one share of GXO for each share of XPO held by the record date of July 23, 2021. The spin-off is designed to be tax-free for XPO shareholders.
XPO Logistics, Inc. (NYSE: XPO) announced that its logistics segment, GXO Logistics, Inc., will ring the NYSE Opening Bell on August 2, 2021. This marks GXO's debut as the largest pure-play contract logistics provider globally, post its spin-off from XPO. Each record stockholder of XPO as of July 23, 2021, will receive one share of GXO for each share held. GXO will operate with approximately 94,000 employees and 869 facilities in 27 countries, aiming to leverage e-commerce growth and supply chain outsourcing trends.
XPO Logistics reported record revenue of $5.04 billion for Q2 2021, a significant rise from $3.50 billion in Q2 2020. The company posted a net income of $156 million, rebounding from a net loss of $132 million year-over-year. Adjusted EBITDA surged to $507 million compared to $172 million in Q2 2020. The transportation segment showed robust growth, with revenue of $3.19 billion and a notable 82.7% operating ratio. XPO raised its adjusted EBITDA targets for 2021 and 2022, reinforcing its strong financial momentum ahead of the planned spin-off.
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