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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 announced that three of its executives, Ashfaque Chowdhury, Drew Wilkerson, and Erik Caldwell, were honored by Supply & Demand Chain Executive as 2021 Pros to Know for their achievements in the supply chain industry. Troy Cooper, president of XPO, praised their leadership and experience, totaling over 40 years. XPO is recognized as one of the largest supply chain service providers globally, with significant roles in logistics and transportation. In 2020, its XPO Connect digital marketplace also received the SDCE 100 Award for Innovation.
XPO Logistics has achieved an impressive safety milestone at its Plaquemine, Louisiana logistics site, marking 8,492 days without an OSHA-recordable incident. This record spans over 23 years and represents a commitment to safety and operational excellence. The warehouse, which covers 300,000 square feet, serves a global agribusiness customer. XPO's recordable incident rate of 1.25 in 2020 is significantly better than the industry average of 4.9. The Plaquemine team has averaged eight years of service and participates in the company's global safety program.
XPO Logistics announced the refinancing of $2.0 billion in existing term loan facilities, aiming to reduce the interest rate. The previous loans had interest rates of LIBOR plus 2.00% and LIBOR plus 2.50%, while the new facility offers a lower rate of LIBOR plus 1.75%. This refinancing is expected to decrease annual interest expenses by approximately $86 million. The new loan retains the maturity date of February 23, 2025, and follows a $1.2 billion debt paydown earlier in the year.
XPO Logistics (NYSE: XPO) announced a record 230 honorees for 2020 in its North American less-than-truckload (LTL) unit, achieving a total of 290 million accident-free miles. Among them, ten drivers surpassed three million accident-free miles. The company emphasizes safety through its 'Road to Zero' program, recognizing the commitment of its drivers and investments in technology. XPO, a leading global provider of supply chain solutions, operates a national network of 290 service centers with approximately 12,000 drivers.
XPO Logistics announced the appointment of Ravi Tulsyan as deputy chief financial officer, effective immediately. Tulsyan, who joined XPO in 2016, will also continue as the company’s treasurer, expanding his responsibilities within the global finance organization. Before XPO, he held significant treasury roles at The ADT Corporation, PepsiCo, and Xerox Corporation, showcasing his expertise in capital markets and financial planning. XPO, a top logistics provider, operates a network of 1,629 locations globally, serving over 50,000 customers.
XPO Logistics (NYSE: XPO) has announced the appointment of LaQuenta Jacobs as an independent director to the board of Soles4Souls, a non-profit organization focused on providing shoes and clothing to those in need. Jacobs, XPO's chief diversity officer, is set to leverage her expertise in logistics and her commitment to social inclusion to enhance the organization's impact. In 2020, XPO contributed logistics support for over 100,000 pairs of shoes to Soles4Souls, reflecting its commitment to social responsibility and community support.
XPO Logistics has been named Less-Than-Truckload (LTL) Collaborator of the Year by GlobalTranz Enterprises, acknowledging its strong performance in a challenging year. The award, presented during the GlobalTranz Agent Conference on January 19, 2021, highlights XPO's excellence in customer service, innovation, and financial performance. XPO operates with 12,000 drivers across 290 service centers, reflecting its robust logistics network. Tony Brooks, president of XPO’s LTL unit, expressed pride in this recognition, emphasizing the importance of collaboration and innovation for future growth.
XPO Logistics reported a strong fourth quarter for 2020, with revenue reaching $4.67 billion, up from $4.14 billion in Q4 2019. Operating income increased to $228 million, and diluted EPS was $0.91. Adjusted EBITDA for the quarter was $449 million. For 2021, the company anticipates adjusted EBITDA growth of 24% to 29%, projecting $1.725 billion to $1.8 billion. The logistics segment reported revenue of $1.76 billion, driven by e-commerce demand, while labor costs surged due to peak demand.
XPO Logistics, a global leader in transportation and logistics, has secured a new multi-year contract with Corteva Agriscience, enhancing its role in their supply chain. This expanded partnership includes truck brokerage and less-than-truckload services, supporting Corteva's seed distribution and crop protection products.
The collaboration, ongoing since Corteva's 2019 spin-off from DowDuPont, capitalizes on XPO's industry expertise and technology to drive efficiencies and support Corteva's growth plans.
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