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Last Mile Delivery Helps XPO Record Double-Digit Q2 Profit Hike
August 3,
2017 by Larry Thomas in Economic News, Industry 
Powered by its last mile delivery and contract logistics businesses, XPO Logistics (NYSE: XPO) said second-quarter profits jumped more than 11% as revenues edged up 2% to $3.76 billion.
The company said profits totaled a record $51.9 million or 38 cents per share. That was up from $46.6 million or 35 cents per share in last year’s second quarter.
Revenues in XPO’s transportation segment, which includes last-mile delivery, was down about 1% to $2.41 billion, but last year’s second quarter included $133.4 million in revenue from its North American truckload business, which was sold in October.
Operating income for the segment increased to $160 million from $153.2 million in the same quarter last year.
"Our strong start to the year accelerated in the second quarter, with record results for revenue, net income and adjusted EBITDA,” said Bradley Jacobs, chairman and CEO. “The 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. Importantly, we're continuing to grow adjusted EBITDA faster than revenue in both transportation and logistics.”
For the first six months of 2017, revenues were up 1% to $7.3 billion. First-half profits totaled $73.2 million or 54 cents per share. That was up from $24.1 million or 19 cents per share in the first half of last year.