XPO Logistics reports 18.4% increase in Q1 revenues
XPO Logistics has reported a revenue of $4.19bn for the first quarter (Q1) of 2018, which was an 18.4% year-over-year increase.
Adjusted net income attributable to common shareholders more than doubled from $37.9m to $80.9m.
Commenting on the performance, Bradley Jacobs, chairman and chief executive officer of XPO Logistics, said, “We’re off to a strong start in 2018. We delivered record first quarter results for revenue, net income, EPS and adjusted EBITDA.
“Our 11% organic revenue growth reflected a healthy diversification of customer verticals and service lines.
“Organic growth in last mile was 15%, and logistics was 14%, both driven by e-commerce demand.
“Profit significantly outpaced revenue in our logistics segment, with operating income up 44% and adjusted EBITDA up 28%. In our transportation segment, we grew freight brokerage revenue by 30% in a tight market.
“We expanded our margins in North American freight brokerage and European dedicated truckload, and improved our adjusted operating ratio in North American less-than-truckload to 87.8%.”
Jacobs continued: “We’re making disciplined investments in innovation and sales to propel long-term growth. We recently introduced our digital freight marketplace, smart warehouse platform and voice integration for consumer self-service. In April, we announced XPO Direct, a shared-space distribution network of warehouses and last mile hubs that gives customers flexible capacity. In sales, we won a record $972m of new business in the first quarter, and our sales pipeline stands at $3.6bn. We remain on track to deliver at least $1.6bn of adjusted EBITDA and approximately $625m of free cash flow this year.”
