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XPO tops 1Q profit forecasts

GREENWICH, Conn. (AP) _ XPO Logistics Inc. (XPO) on Wednesday reported first-quarter net income of $21.3 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Greenwich, Connecticut-based company said it had net income of 16 cents. Earnings, adjusted for non-recurring costs, came to 30 cents per share.

The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share.

The freight management company posted revenue of $3.54 billion in the period, which missed Street forecasts. Seven analysts surveyed by Zacks expected $3.55 billion.

XPO shares have climbed 13 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $48.77, an increase of 63 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on XPO at https://www.zacks.com/ap/XPO

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Keywords: XPO Logistics, Earnings Report