7/30/2023 0 Comments Xpo logistics goodwill writedown“In our North American transportation division, led by Drew Wilkerson, our truck brokerage business again sharply outperformed the industry. We also doubled our trailer manufacturing output year-over-year. We maintained the highest level of network fluidity since 2020, and won a record amount of new business in the quarter. Yield, excluding fuel, accelerated year-over-year by 11%. It was our best quarterly adjusted operating ratio to date, excluding real estate, with a year-over-year improvement of 70 basis points, on track for more than 100 basis points of improvement this year. “In LTL, Mario Harik led his team to record second quarter revenue, as well as an operating ratio of 82.5% and an adjusted operating ratio of 80.4%. Our North American less-than-truckload network and our tech-enabled brokered transportation platform have tremendous momentum heading into the spin-off, when we expect to separate these businesses into independent companies. It was our company’s ninth straight quarterly beat on adjusted EBITDA. The outlook does not take into account the intended spin-off of the company’s tech-enabled brokered services platform or the divestiture of the European business.īrad Jacobs, chairman and chief executive officer of XPO Logistics, said, “In the second quarter, all of our reported metrics were ahead of guidance and consensus.
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