XPO Logistics revenues hit by Covid, but stays upbeat and bullish
CONNECTICUT's XPO Logistics suffered a year-on-year second quarter net loss of US$57 million, drawn on revenues of $1
CONNECTICUT's XPO Logistics suffered a year-on-year second quarter net loss of US$57 million, drawn on revenues of $1.4 billion, down eight per cent. Last year's corresponding quarter produced a net profit of $445 million.
It anticipated its adjusted operating profit for the third quarter at $350 million. That figure excludes $50 million of restructuring costs and $46 million of integration and transaction expenses, related, said XPO.
XPO chairman and CEO Brad Jacobs said the company had beaten revenue and adjusted EBIDTA expectations, and was pleased with its 'notably high cash flow from operations'.
'The ramifications of Covid-19 dominated the second quarter. Business trends improved across our segments and geographies as the quarter progressed, and continued in July,' he said.
'We've seen a recovery take hold in Europe and start in North America. E-commerce continues to be our strongest tailwind, benefiting contract logistics and last-mile. Our last-mile network in North America generated year-on-year revenue growth of three per cent in the quarter, with a net revenue margin of 37 per cent.'