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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 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.
XPO Logistics announced a virtual Investor Day for its upcoming logistics segment spin-off, GXO Logistics, on July 13, 2021. Key executives, including Brad Jacobs and Malcolm Wilson, will present GXO’s investment highlights, operations, and growth prospects. XPO plans to complete the spin-off in Q3 2021, creating two independent companies: GXO, the largest pure-play contract logistics provider, and XPO, a leader in transportation services. The spin-off is subject to conditions, with no assurance on its occurrence or timing.
XPO Logistics (NYSE: XPO) announced the induction of Sandeep Sakharkar, senior VP of logistics technology, into Constellation Research's Business Transformation 150 for 2022. This prestigious recognition highlights leaders in business transformation across various industries. Malcolm Wilson, CEO of XPO Logistics Europe, praised Sakharkar's transformational skills and innovation record. Sakharkar will transition to become CIO of GXO, the logistics segment spun off from XPO, which is set to occur in Q3 2021, marking a significant change in the company's structure.
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