{"id":754660,"date":"2023-05-04T06:03:31","date_gmt":"2023-05-04T10:03:31","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/xpo-reports-first-quarter-2023-results\/"},"modified":"2023-05-04T06:03:31","modified_gmt":"2023-05-04T10:03:31","slug":"xpo-reports-first-quarter-2023-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/xpo-reports-first-quarter-2023-results\/","title":{"rendered":"XPO Reports First Quarter 2023 Results"},"content":{"rendered":"
\n

\n
\n Revenue growth to $1.9 billion, and diluted EPS of $0.15<\/em>
\n <\/strong>\n <\/p>\n

\n
\n Adjusted diluted EPS of $0.56, up 22% year-over-year<\/em>
\n <\/strong>\n <\/p>\n

\n
\n Highest first quarter LTL service quality in over a decade<\/em>
\n <\/strong>\n <\/p>\n

GREENWICH, Conn. , May 04, 2023 (GLOBE NEWSWIRE) — \u00a0XPO<\/u><\/a>\u00a0(NYSE: XPO)\u00a0today announced its financial results for the first quarter 2023. Revenue increased to $1.91 billion for the quarter, compared with $1.89 billion for the same period in 2022.<\/p>\n

Mario Harik,\u00a0chief executive officer of XPO, said, \u201cWe delivered a solid quarter in a challenging environment for freight transportation, reporting 22% growth in adjusted diluted EPS and 14% growth in adjusted EBITDA.\u201d<\/p>\n

\u201cIn North American LTL, we grew year-over-year shipments per day in the quarter, and achieved more growth in April versus March, outperforming seasonality. Demand remains soft, with a negative impact on tonnage, but we\u2019re actively reducing our operating costs, while continuing to invest capital to meet the long-term needs of our customers.\u00a0Importantly, we\u2019re\u00a0gaining profitable market share, propelled by\u00a0our highest service quality in over a decade. By elevating service and operational excellence, we\u2019re creating more\u00a0opportunity for yield growth over time. This\u00a0is a key pillar of our LTL 2.0 plan.\u201d\u00a0<\/p>\n

Harik continued, \u201cThe significant potential within XPO is attracting the best talent in the LTL industry, as we accelerate the execution of our strategy. Wes Frye joined our board and is a member of our new Operational Excellence Committee. More recently, Dave Bates, a standout LTL operator, joined us as chief operating officer. The entire team is focused on delivering outsized returns in the years ahead.\u201d<\/p>\n

\n First Quarter Highlights<\/strong>\n <\/p>\n

For the first quarter 2023, net income from continuing operations attributable to common shareholders was $17 million, compared with $32 million for the same period in 2022. Operating income was $58 million for the first quarter, compared with $63 million for the same period in 2022, reflecting higher transaction costs related to the RXO spin-off. Diluted earnings from continuing operations per share were $0.15 for the first quarter, compared with $0.28 for the same period in 2022.<\/p>\n

Adjusted net income from continuing operations attributable to common shareholders, a non-GAAP financial measure, increased to $65 million for the first quarter, compared with $53 million for the same period in 2022. Adjusted diluted earnings from continuing operations per share (\u201cadjusted EPS\u201d), a non-GAAP financial measure, increased to $0.56 for the first quarter, compared with $0.46 for the same period in 2022.\u00a0<\/p>\n

Adjusted earnings before interest, taxes, depreciation and amortization (\u201cadjusted EBITDA\u201d), a non-GAAP financial measure, increased to $210 million for the first quarter, compared with $184 million for the same period in 2022.\u00a0<\/p>\n

The company generated $76 million of cash flow from operating activities in the quarter. Free cash flow, a non-GAAP financial measure, was a cash usage of\u00a0$140 million, after $216 million of net capital expenditures.\u00a0<\/p>\n

Reconciliations of non-GAAP financial measures in this press release are provided in the attached financial tables.\u00a0<\/p>\n

\n Results by Business Segment\u00a0<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n First Quarter 2023 Summary Segment Results<\/b>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\n \u00a0<\/b>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n Three months ended March 31,<\/b>\n <\/td>\n\u00a0<\/td>\n\n \u00a0Revenue<\/b>\n <\/td>\n\u00a0<\/td>\n\n Operating Income (Loss)<\/b>\n <\/td>\n\u00a0<\/td>\n\n Adjusted EBITDA<\/b>
\n (1)<\/sup>\n <\/td>\n<\/tr>\n
\n (in millions)<\/i>\n <\/td>\n\u00a0<\/td>\n\n
\n \u00a0<\/u>
\n <\/b>\n <\/td>\n		2023<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2022<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2023<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2022<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2023<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2022<\/td>\n<\/tr>\n
North American Less-Than-Truckload Segment<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,120\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,107\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0103\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0112\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0182\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0186\u00a0<\/td>\n<\/tr>\n
European Transportation Segment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0787\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0787\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(3)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a037\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a038\u00a0<\/td>\n<\/tr>\n
Corporate<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0–\u00a0\u00a0\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0–\u00a0\u00a0\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(42)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(50)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(9)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0(40)<\/td>\n<\/tr>\n
Total(2)<\/sup><\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,907\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a01,894\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a058\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a063\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0210\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0184\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n (1)<\/sup>\u00a0Reconciliations of adjusted EBITDA are provided in the attached financial tables<\/td>\n<\/tr>\n
\n (2)<\/sup>\u00a0See the Non-GAAP Financial Measures section in this release<\/td>\n<\/tr>\n<\/table>\n