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- XPO Logistics, Inc (NYSE:XPO) shared preliminary results for the third quarter of FY22 and long-term targets.
- XPO expects revenue of $3.04 billion, below the consensus of $3.1 billion. It expects an operating income of $181 million - $185 million.
- XPO sees adjusted EBITDA of $348 million - $352 million.
- Also Read: XPO Logistics’ Proposed Spin-Off RXO Raises $355M Via Debt Offering
- The partial earnings release comes ahead of its first investor day under incoming CEO Mario Harik, on October 18, and the November 1 spinoff of its high-tech truck brokerage business into a new publicly traded company called RXO, CNBC reported.
- During an interview in March, XPO Chairman and former CEO Brad Jacobs said he hoped that turning the company into a pure-play trucker would eliminate the so-called “conglomerate discount” for XPO shares.
- For the truck brokerage segment that will become RXO, the company expects revenue to decrease by 2% year over year and volume to increase by 9%. Truck brokerage connects truckers with customers in the on-demand “spot market.”
- XPO also issued goals for both XPO and RXO to reach by FY27.
- It saw the trucking operation delivering revenue growth at a compound annual rate of 6% - 8% and annual adjusted EBIDTA growth of 11% - 13%.
- XPO expects the brokerage company to achieve adjusted EBITDA of $475 million - $525 million by 2027, with annual spending of about 1% of revenue 202-2027.
- “The long-term guidance we issued shows that we expect continued strong performance for both XPO and RXO,” Harik said.
- Price Action: XPO shares closed higher by 3.59% at $48.48 on Monday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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