XPO Inc (XPO) Announces Q3 2023 Financial Results
XPO Inc (NYSE:XPO) reported Q3 2023 revenue of $1.98 billion, a 1.7% increase from Q3 2022.
The company's net income from continuing operations was $86 million, compared to $92 million in Q3 2022.
Adjusted EBITDA for Q3 2023 was $278 million, a 6.1% increase from the same period in 2022.
XPO Inc (NYSE:XPO) ended the quarter with $355 million of cash and cash equivalents on hand.
On October 30, 2023, XPO Inc (NYSE:XPO) announced its financial results for the third quarter of 2023. Despite a challenging industry environment for freight transportation, the company reported solid performance with a revenue of $1.98 billion, a 1.7% increase from the same period in 2022. The company's net income from continuing operations was $86 million, compared to $92 million in Q3 2022.
Financial Highlights
The company's North American Less-Than-Truckload Segment reported revenue of $1,228 million and an operating income of $161 million. The European Transportation Segment reported revenue of $752 million and an operating income of $8 million. The company's total operating income for Q3 2023 was $154 million, a 10.8% increase from Q3 2022.
Adjusted EBITDA for Q3 2023 was $278 million, a 6.1% increase from the same period in 2022. The company also reported adjusted diluted earnings from continuing operations per share of $0.88.
CEO Commentary
Mario Harik, chief executive officer of XPO, said, Our third quarter results exceeded expectations, with solid growth in revenue and profitability, and strong forward momentum. We delivered year-over-year revenue growth of 2%, and adjusted EBITDA growth of 6%, with 50 basis points of adjusted EBITDA margin expansion.
Financial Position
The company generated $236 million of cash flow from operating activities in the third quarter and ended the quarter with $355 million of cash and cash equivalents on hand, after $133 million of net capital expenditures.
Outlook
Despite the challenges in the industry, XPO Inc (NYSE:XPO) continues to make significant progress in improving its business operations and realizing its full potential. The company expects to further accelerate yield growth in the fourth quarter.
Explore the complete 8-K earnings release (here) from XPO Inc for further details.
This article first appeared on GuruFocus.
