By XPO, a transportation company based in Greenwich, Connecticut, has announced a fourth-quarter profit as the volume of less-than-truckload shipments in North America saw an increase. The company’s fourth-quarter earnings stood at $58 million or 49 cents a share, a significant turnaround from the previous year’s loss of $94 million or 81 cents a share.
After adjusting for one-time items, XPO’s adjusted earnings from continuing operations reached 77 cents a share, surpassing analysts’ estimates of 62 cents a share. Additionally, the company’s revenue for the quarter rose to $1.94 billion, exceeding the projected $1.92 billion.
Furthermore, XPO experienced a 10% increase in salaries, wages, and employee benefits expenses, highlighting the ongoing upward pressure on pay rates in the United States.
During the fourth quarter, North American less-than-truckload revenue also saw a healthy growth of 8.6% to $1.19 billion. The tonnage per day moved also experienced a 2% increase. Additionally, the revenue from XPO’s European transportation unit rose by 2% to $753 million.
In a strategic move, XPO recently acquired 28 service center locations previously operated by bankrupt competitor Yellow.
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