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XPO quarterly profit up 10.5pc to US$47.6 million, sales rise 2pc
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Time:2017/8/11 10:49:39 |
GREENWICH, Connecticut's XPO Logistics second quarter profit was up 10.5 per cent year on year to US$47.6 million, drawn on revenues of $3.76 billion, which increased 2.1 per cent.
First half net profit soared 204 per cent to $67.1 million, drawn on revenues of $33 million, up one per cent.
Adjusted first half net income for the first six months of 2017 excludes $40.9 million, or $26.1 million after-tax, of one-time integration and rebranding costs; $39.1 million, or $25 million after-tax, from non-cash unrealised losses on foreign currency contracts; $9 million of debt extinguishment related to the refinancing of an existing term loan; and a loss of $400,000 after-tax, on the conversion of convertible notes.
The company raised its full year targets for adjusted EBITDA to at least $1.36 billion in 2017 and at least $1.6 billion in 2018.
"Most notable growth came in last mile and contract logistics, two fast-growing parts of the supply chain where we hold leading positions in e-commerce," said XPO Logistics chairman and CEO Bradley Jacobs.
"Our strong start to the year accelerated in the second quarter, with record results for revenue, net income and adjusted EBITDA," he said.
"In North American in less-than-truckload, we increased volume while improving the adjusted operating ratio to 84.6 per cent," said Mr Jacobs.
The company's transportation segment generated revenue of $2.41 billion in the quarter, down 0.41 per cent. Its logistics segment generated revenue of $1.40 billion for the quarter, up 5.2 per cent.
New York-listed XPO Logistics is said to be a top 10 global logistics provider, operating in 31 countries with 90,000 employees at 1,435 locations. | | | | | | | |
(QQ)1975641934