XPO profit buoyed by strength in 'last-mile' deliveries
XPO Logistics, one of the largest global freight transportation and warehousing companies, reported a jump in quarterly profit on Wednesday, fueled by shipments of heavy and bulky items and strong demand for e-commerce order fulfillment.
Greenwich, Connecticut-based XPO is North America's largest provider of "final-mile" deliveries of heavy goods like Home Depot barbecue grills and Best Buy televisions from warehouses direct to homes. It said second-quarter net income attributable to common shareholders more than doubled to $137.5 million, or $1.03 per share.
Adjusted earnings were 98 cents per share, matching analysts estimates compiled by Thomson Reuters I/B/E/S.
Revenue rose 16 percent year-over-year to $4.36 billion.
XPO, which is also the second-largest less-than-truckload operator that consolidates multiple loads on a single truck, reaffirmed its 2018 target for adjusted EBITDA of at least $1.6 billion.
(Reporting by Lisa Baertlein in Los Angeles Editing by Chris Reese)