Just before a split that will create two logistics companies, the trucking giant
reported solid second quarter figures. In addition, the company raised its profit forecast. The company benefits from economic growth, a tight trucking market and strong business execution.
XPO (ticker: XPO) reported adjusted earnings per share of $ 1.86 on revenue of $ 5 billion. Wall Street was looking for $ 1.69 in adjusted EPS and $ 4.9 billion in sales. This is the company’s 10th consecutive quarter to beat estimates.
Additionally, the company raised its EBITDA forecast for the year 2021 from around $ 25 million to nearly $ 1.9 billion. EBITDA is the abbreviation of earnings before interest, taxes, depreciation and amortization.
Shares are unchanged outside of trading hours. Remember, investors are always waiting for good news on quarterly reports. So far in 2021, XPO stock is up around 16%, in line with the respective gains of 17% and 14% of the
Dow Jones Industrial Average.
We continued to perform very well in the second quarter, posting near record net income and the highest quarterly revenue and adjusted EBITDA in our company’s history, said CEO Bradley Jacobs in the press release. We have given our transport and logistics segments a solid springboard for the spin-off scheduled for next week, when they move forward independently as XPO and GXO.
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XPO splits into two companies. One focused on LTL shipping and truck brokerage. This is the new XPO. The other company, GXO, focuses on contract logistics.
Partial load shipping, or LTL, refers to trucks that are not full. Typically, LTL shipping serves industrial customers and involves shorter distances than trucks making trips across the country on interstate highways. The second quarter of 2021 was the company’s first quarter of billion dollar revenue in its LTL business. Strong demand for LTL services is another sign that the industrial economy continues to recover from the 2020 recession.
The company also provided advice for the new XPO and the GXO. For 2021, XPO is expected to earn $ 1.21 billion from EBITda and GXO is expected to earn approximately $ 620 million from EBITda. In 2022, GXO is expected to produce around $ 720 million of EBITDA. Sales of spin-offs are expected to grow 8-12%.
The company is going organize a conference call Thursday, July 29 at 8:30 a.m. EST. Investors will want to know the truck pricing outlook as well as details of the upcoming rotation, which is expected to be completed in a few days.
Barrons recently wrote positively about XPO. We are bullish on trucking and contract logistics company GXO. Since this article appeared in April, XPO stock has risen by around 2.3%. The S&P 500, for comparison, gained 6.4%.
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