Less-than-truckload carrier XPO reported second-quarter adjusted earnings per share of $1.12 on Thursday ahead of the market open. The result was 11 cents ahead of the consensus estimate and 41 cents higher year over year.
The adjusted result excluded transaction and restructuring costs of 22 cents per share as well as a $41 million one-time tax benefit (34 cents) tied to the restructuring of its European operations.
XPO (NYSE: XPO) generated consolidated revenue of $2.08 billion, which was 9% higher y/y.
Revenue in XPO’s LTL segment increased 12% y/y to $1.27 billion as tonnage per day increased 3% and revenue per hundredweight, or yield, was up 8% (9% higher excluding fuel surcharges). A 5% increase in daily shipments partially offset by a 1% decline in weight per shipment produced the tonnage increase.
The unit reported an 83.2% adjusted operating ratio, 440 basis points better y/y and 250 bps better than the first quarter.
The company will host a call to discuss second-quarter results with analysts on Thursday at 8:30 a.m. EDT. Stay tuned to FreightWaves for continuing coverage of XPO’s earnings report.
Click for full report – “XPO expects to deliver solid execution in ‘flattish’ back half”
