XPO Logistics Posts Higher 3Q Earnings Amid Spinoff - MarketWatch

2022-11-01 00:25:39 By : Mr. hongjin Jane

XPO Logistics Inc. posted higher third-quarter earnings as the company prepares to split off its freight brokerage business into a separate publicly traded company.

The Greenwich, Conn.-based freight transportation services provider posted a profit from continuing operations of $131 million for the three months ended Sept. 30, compared with $21 million in the same period a year earlier. Earnings were $1.13 a share, compared with 19 cents a share. Less Than Container Load

XPO Logistics Posts Higher 3Q Earnings Amid Spinoff - MarketWatch

Stripping out one-time items, including restructuring costs, adjusted earnings came to $1.45 a share. Analysts surveyed by FactSet were expecting adjusted earnings of $1.35 a share.

Revenue fell to $3.04 billion from $3.27 billion a year earlier. However, revenue rose 3% when stripping out revenue from the company's intermodal operations, which was sold earlier this year. Analysts surveyed by FactSet were expecting revenue of $3.09 billion.

The company's North American less-than-truckload business posted revenue of $1.2 billion, up from $1.07 billion a year earlier. XPO's brokerage business posted revenue of $1.92 billion, down from $2.26 billion.

The company, which spun off its contract logistics business last year as GXO Logistics Inc., is on track to separate its freight brokerage business as well. The freight brokerage business, RXO Inc., matches loads with available trucks on the spot market. The spinoff is on track to happen Tuesday, XPO Chief Executive Brad Jacobs said.

Write to Will Feuer at Will.Feuer@wsj.com

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XPO Logistics Posts Higher 3Q Earnings Amid Spinoff - MarketWatch

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