Xpo Inc - XPO STOCK NEWS

XPO, a leading North American LTL freight transportation provider, has announced a major expansion of its cross-border service between the US and Mexico with the launch of XPO Mexico+. This expansion responds to growing customer demand and shifting supply chains from overseas to North American production. Key features of XPO Mexico+ include:

• Expansion to seven border-crossing points for faster delivery times
• Secure, CTPAT-certified service covering 99% of postal codes in Mexico
• Significant increase in cross-border capacity
• Real-time online tracking and instant quote access
• Dedicated bilingual concierge desk for customer support

XPO Mexico+ builds on the company's four decades of experience in US-Mexico transport, aiming to meet the evolving needs of customers amid nearshoring trends.

XPO has scheduled its second quarter 2024 earnings conference call for Thursday, August 1, 2024, at 8:30 a.m. Eastern Time. The earnings results will be released earlier that morning and will be available on the company's website. Investors can join the call toll-free from the US and Canada or via international numbers. A live webcast will also be available online. A replay of the call can be accessed until August 31, 2024. The call will also be archived on the XPO investors' webpage.

XPO (NYSE: XPO), a top freight transportation provider in North America, released preliminary operating metrics for its LTL segment for May 2024. The company saw a 2.4% increase in LTL tonnage per day compared to May 2023, driven by a 3.8% rise in shipments per day and a 1.4% decrease in weight per shipment. CEO Mario Harik highlighted that XPO continues to gain profitable market share despite a soft freight market, with improved service quality contributing to consistent yield growth. He noted that the second quarter's yield, excluding fuel, is showing sequential improvement from the first quarter. The company also reported improved damage frequency and emphasized its commitment to enhancing service quality and near-term profitability, while preparing for a potential rebound in industry demand.

XPO (NYSE: XPO) opens a new 36,000 square foot freight transportation center in Las Vegas to enhance trade show shipping services and improve freight routing across the Southwest and Rockies. This second location in Las Vegas strengthens XPO's presence in Nevada and offers faster service to local customers, showcasing the company's commitment to expanding in key markets.

XPO reported strong financial results for the first quarter of 2024, with revenue reaching $2.02 billion, a 6% increase year-over-year. The company's adjusted diluted EPS grew by 45% to $0.81. North American LTL segment saw significant improvements in adjusted operating income and operating ratio, reflecting a 50% increase and 390-basis-point improvement, respectively. The European Transportation segment showed a slight revenue increase, while the Corporate segment reduced operating losses due to cost optimizations.

XPO has been recognized as a 2024 VETS Indexes 4 Star Employer for the second consecutive year, highlighting its commitment to hiring, retaining, and supporting veterans and the military community. The company's veteran program stood out among a record number of organizations, earning praise for its efforts in veteran employee development, recruitment, and support. XPO's dedication to providing opportunities for veterans and military spouses reflects its ongoing commitment to building a diverse and inclusive workforce.

XPO (NYSE: XPO) expands its North American network by opening three new service centers in Tennessee, Colorado, and Arizona. The acquisitions from Yellow in December 2023 mark the beginning of XPO's expansion plans, with a total of 28 locations. These new sites strategically position XPO to enhance its capacity, service offerings, and operational efficiency, including premium services and cross-border capabilities.

XPO celebrates the 30th anniversary of its in-house trailer manufacturing facility in Searcy, Arkansas, being the only freight transportation company in the US to produce its own trailers. The factory has produced nearly 90,000 trailers since 1994, employs over 300 people, and features custom-designed trailers with XPO's SafeStack system. The facility also focuses on recycling, with 86% of trailer materials being recycled. XPO has significantly increased manufacturing capacity to meet growing demand, producing over 6,400 trailers in 2023.

XPO to hold first quarter conference call and webcast on May 3, 2024, with results available on www.xpo.com. Access details provided for US/Canada and international callers. Replay and archived call information also shared.