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XPO Reports Record Q2 Revenue, Profits Soar 178%

Logistics provider XPO Logistics (NYSE:XPO) said second-quarter revenue rose 16 percent year-over-year to $4.36 billion, while net income increased 178 percent – jumping from $47.6 million to $137.5 million.

Earnings per diluted share was $1.03 for the quarter, compared with $0.38 for the same period in 2017.

“Our strong second quarter performance was highlighted by record results for revenue, net income, adjusted EBITDA, cash flow from operations and free cash flow,” said Bradley Jacobs, chairman and CEO. “We grew profitability faster than revenue, with a 178% increase in net income and an 18% increase in adjusted EBITDA on organic revenue growth of 11%."

“In logistics, we implemented a record 37 customer start-ups in three months — and once again, the big driver was e-commerce. In transportation, we increased freight brokerage net revenue by 46% with a lower headcount. North American last mile and European transport were also standouts. In our North American less-than-truckload business, we achieved the best adjusted operating ratio in 30 years at 84.3%.”

Jacobs continued, “Our expanded sales force signed $2.1 billion of new business this year through June. We have innovations underway in every corner of the company. They include the ramp-up of our XPO Direct distribution network, the build-out of our digital freight marketplace, the expansion of our last mile footprint, and the deployment of dynamic analytics for workforce planning. These are secular growth drivers that create sustainable value for our customers and shareholders.”

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