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XPO reports first net profit in five years

GREENWICH, CT: February 22, 2017. XPO Logistics has reported an attributable net profit of US$63.1 million on gross revenue of US$14.61 billion for 2016.

Interest expense for the period was US$361.1 million - up from US$216.7 million in 2015 – for a total of US$577.8 million in the past two years.

Net revenue in 2016 was US$2.66 billion, up from US$1.20 billion year-on-year, with North American LTL services contributing US$1.37 billion, followed by total 'Europe' revenues of US$557.7 million.

XPO LogisticsBrokerage services in North America produced US$361.4 million, a drop from US$392.3 million in 2015; Last mile revenue rose from US$204.3 million to US$247.7 million in 2016, while the company's FTL business tripled in revenue from US$20 million to US$66.1 million year-on-year.

In October last year XPO sold its truckload business to Canadian logistics company Transforce for US$558 million.

The company said it expects an adjusted EBITDA of $1.35 billion in 2017 and US$1.57 billion in 2018, compared to US$1.25 billion in 2016 that excluded $103.2 million of transaction, integration and rebranding costs.

"This year, we'll get the full 12-month benefit of numerous efficiencies we implemented throughout 2016 in procurement, real estate, back office operations and workplace technologies," commented XPO chairman and CEO Bradley Jacobs. "We have more savings to realize in each of these areas, along with cross dock and warehouse automation, labor productivity and the global adoption of best practices."

Jacobs said he was pleased the company's fourth quarter delivered record net income, cash flow from operations, adjusted EBITDA and free cash flow. He cited e-commerce as the driver for last mile and contract logistics growth.

"Our less-than- truckload operations in North America capped an outstanding year with a 40 percent increase in fourth quarter adjusted operating income," he added.

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