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XPO Announces 2022 Third Quarter Results
October 31,
2022 by HFBusiness Staff in Business Strategy, Industry 
XPO announced its financial results for the third quarter 2022. Revenue was $3.04 billion for the third quarter, compared with $3.27 billion for the same period in 2021. Excluding third quarter 2021 revenue from the company’s intermodal operation, which was sold in March 2022, third quarter 2022 revenue increased year-over-year by 3%.
Brad Jacobs, chairman and chief executive officer of XPO, said, “Our record results in the third quarter demonstrate how strongly our North American businesses are positioned for growth as standalone companies.”
“Both LTL and truck brokerage outperformed on key metrics leading into tomorrow’s spin-off and will thrive under the leadership of Mario Harik as CEO of XPO, and Drew Wilkerson as CEO of RXO.”
Adjusted earnings of XPO before interest, taxes, depreciation, and amortization, increased to $352 million for the third quarter, compared with $307 million for the same period in 2021.
Adjusted net income from continuing operations attributable to common shareholders, increased to $168 million for the third quarter, compared with $109 million for the same period in 2021.
For the third quarter 2022, the company generated $265 million of cash flow from operating activities and $142 million of free cash flow.
Jacobs continued, “Our plan for LTL 2.0 is showing tangible results. We reported third quarter LTL records for revenue and adjusted EBITDA. Our year-over-year tonnage accelerated every month through the quarter and inflected positive in September, with more improvement in October. Importantly, our third quarter tonnage trend outperformed typical seasonality, bucking industry trends.”
“Our truck brokerage business achieved a gross profit margin of 19% in the third quarter, with gross profit dollars up dramatically year-over-year by 31%. We grew volume by 9%, decisively outpacing the industry.”