XPO Logistics (NYSE:XPO) saw a surge of over 10% in its shares intra-day today, driven by a better-than-expected Q1 earnings report. The company reported earnings per share (EPS) of $0.81, outperforming the consensus estimate of $0.67. Revenue reached $2.02 billion, surpassing the estimated $2.01 billion.

The company’s adjusted EBITDA margin increased to 20.9%, compared to 16.3% in the same period last year. CEO Mario Harik highlighted that the strong Q1 financial results exceeded expectations, providing a solid foundation for 2024. XPO Logistics achieved year-over-year growth of 6% in revenue, 37% in adjusted EBITDA, and 45% in adjusted diluted EPS.

Harik noted that while the company has made significant progress in implementing its LTL 2.0 plan, it is still in the early stages of realizing its full potential.

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