XPO Logistics posts $5 billion Q2 revenue

XPO Logistics posts $5 billion Q2 revenue

XPO Logistics has announced that its revenues for the second quarter (Q2) of 2021 increased to $5.04 billion, up more than 40% on the $3.50 billion for the same period in 2020.

Operating income was also up significantly at $246 million, compared to $141 million in Q2 2020; and adjusted EBITDA was up from $172 million to $507 million.

Commenting on the results, Brad Jacobs, chairman and chief executive officer of XPO Logistics, said: “We continued to execute extremely well in the second quarter, reporting near-record net income and the highest revenue and adjusted EBITDA of any quarter in our company’s history. We’ve given our transportation and logistics segments a strong springboard for the planned spin-off next week, when they’ll move forward independently as XPO and GXO.

“In North American less-than-truckload, where we have a long track record of margin expansion, we delivered two quarterly records – our first billion-dollar revenue quarter in LTL, and an adjusted operating ratio of 81.1%, excluding gains on real estate sales. In truck brokerage, where our digital capabilities are creating above-market growth, our loads in North America were up 38%, gross revenue was up 101% and net revenue was up 47%. And in our global logistics business, we doubled our adjusted EBITDA year-over-year and reported another quarter of double-digit growth, with revenue up 34% and organic revenue up 16%. The three major logistics tailwinds of e-commerce, warehouse automation and outsourcing will continue to propel this best-in-class business as GXO.”

Jacobs concluded: “Given our momentum, we increased our expectations for full year earnings in both segments, and raised our pro forma 2021 adjusted EBITDA targets for XPO and GXO, as well as GXO’s 2022 adjusted EBITDA target.”

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