Greenwich, Connecticut, USA: XPO Logistics reports its revenue for the third quarter at $4.22bn, up on the $4.15bn for the third quarter 2019.
Net income attributable to common shareholders was $84m, compared with $117m for the third quarter 2019.
Operating income was $223m, down on the $229m for the third quarter 2019. Diluted earnings per share was $0.83, compared with $1.14 for the third quarter 2019.
Brad Jacobs, chief executive, XPO Logistics, said, “Our business rebounded dramatically in the third quarter. Revenue, adjusted Ebitda, adjusted EPS and free cash flow were all decisively higher than expected. Our growth was broad-based, spanning our service offerings and geographies.
“Supply chain outsourcing is accelerating, and e-commerce continues to be a huge tailwind for us, particularly in contract logistics and last mile. We grew our last mile revenue by 11% in the quarter, year-over-year, by leveraging our North American hubs and XPO Direct network.
“In truck brokerage, we realized revenue growth of 27%, with a 13% increase in net revenue per load. Our XPO Connect technology is a major driver of these results — all of our non-asset transportation services now use this powerful platform to manage their freight movements.”
“Importantly, in North American less-than-truckload, our focus on yield, service and efficiency improved our third quarter operating ratio to 81.7%, the best operating ratio of any quarter in the history of our LTL operation. Our adjusted OR was also a record at 79.7%.”
Adjusted net income attributable to common shareholders was $86 for the third quarter 2020, compared with $121m for the same period in 2019.
Adjusted diluted earnings per share was $0.84 for the third quarter 2020, compared with $1.18 for the same period in 2019. GAAP and adjusted diluted EPS for the third quarter 2020 were impacted by approximately $0.25 related to a higher income tax rate and $0.07 related to higher interest expense, compared with the same period last year.
Adjusted earnings before interest, taxes, depreciation and amortization was $439m for the third quarter 2020, compared with $438m for the same period in 2019.
For the third quarter 2020, the company generated $298m of cash flow from operations and $247m of free cash flow.
