XPO – slight Q3 growth

Global logistics firm XPO Logistics has announced a slight revenue increase for Q3, up to $3.89bn from $3.71bn in the same period last year.

The $305.1 million growth in income excludes the windfall from the $131.8 million that came from the divestment of the North American truckload unit that was sold in October 2016.

Net income attributable to common shareholders was $57.5m for the quarter, compared with net income attributable to common shareholders of $13.8 million for the same period in 2016.

Commenting on the results, Bradley Jacobs, chairman and chief executive officer of XPO Logistics, said, “In the third quarter, we generated the highest revenue, net income and cash flow of any quarter in our history, and our $370 million of adjusted EBITDA beat expectations. We benefited from positive market dynamics, including e-commerce demand for contract logistics and last mile, growth in intermodal, and a brokerage market that is trending in our favor. Our diversification is yielding results.

“We’re executing major initiatives around pricing, utilization and sales productivity to capitalize on the large opportunities at hand. Our sales force has closed $2.1 billion of new business through September, up 49%, and our pipeline continues to exceed $3 billion globally. These levers, combined with our leading positions in key sectors, are fueling organic growth that continues to outpace the industry. We’re exploring acquisition opportunities that will augment this momentum.”

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