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. 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.
XPO Logistics has appointed Ravi Tulsyan as the new chief financial officer, effective September 2, replacing David Wyshner. Tulsyan, who joined XPO in 2016, previously held the roles of treasurer and deputy CFO. His extensive experience includes significant positions at ADT Corporation, PepsiCo, and Xerox. CEO Brad Jacobs expressed confidence in a smooth transition, highlighting Tulsyan's deep involvement in the finance organization. The leadership change occurs in a pivotal year for XPO as it prepares for significant strategic moves.
XPO Logistics, Inc. announced the appointment of Karlis Kirsis as chief legal officer for its forthcoming spin-off company, GXO Logistics. Kirsis, who has been with XPO since 2016, will oversee legal and compliance functions for GXO, which is set to become the largest pure-play contract logistics provider globally upon its launch on August 2, 2021. The spin-off aims to create two independent companies, enhancing strategic focus and investment opportunities in their respective sectors. GXO will benefit from trends in e-commerce and logistics outsourcing.
XPO Logistics has been recognized as a Leader in the Gartner Magic Quadrant for Third-Party Logistics for the sixth time in 2021. The report highlights XPO's extensive service offerings and global footprint, demonstrating its ability to execute and fulfill customer needs across various industries. CEO Malcolm Wilson emphasized the company's focus on delivering smart supply chains through automation. XPO is preparing to spin off its logistics segment, GXO Logistics, on August 2, 2021, establishing two independent entities each targeting distinct markets.
XPO Logistics, Inc. has announced the spin-off of its logistics segment into a new entity, GXO Logistics, Inc., which will create two independent public companies. The distribution of GXO shares to XPO shareholders will occur on August 2, 2021, with record date set for July 23, 2021. Each XPO shareholder will receive one GXO share for every XPO share held. GXO aims to become the largest pure-play contract logistics provider, while XPO will maintain its focus on transportation services. The spin-off does not require shareholder approval and will take place under NYSE ticker symbols XPO and GXO.
XPO Logistics, Inc. (NYSE: XPO) will conduct its second-quarter conference call on July 29, 2021, at 8:30 a.m. ET. The earnings report will be available post-market on July 28, 2021. Investors can access the call via a toll-free number, with a replay option lasting until August 29, 2021. XPO Logistics offers comprehensive supply chain solutions and serves over 50,000 customers globally, operating from 1,621 locations across 30 countries.
XPO Logistics has announced enhanced benefits for its driver training programs, effective immediately. Participants will receive full compensation and benefits during a seven-week training period, including 100% paid tuition worth $10,000. The training includes five weeks of classroom instruction and two weeks of on-the-job mentorship. Graduates will receive job offers upon completion and can access a generous benefits package from day one. XPO aims to increase its annual graduate numbers while hiring for over 2,000 positions across its network.
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