![]() The fourth quarter 2022 net loss includes three impacts primarily related to the RXO spin-off completed in November: i) a $64 million non-cash goodwill impairment charge related to European Transportation, which became a new segment of XPO, requiring goodwill to be evaluated on a disaggregated basis ii) $42 million of transaction and integration costs and iii) $35 million of restructuring charges.Īdjusted net income from continuing operations attributable to common shareholders, a non-GAAP financial measure, increased to $113 million for the fourth quarter, compared with $74 million for the same period in 2021. The company reported a net loss from continuing operations attributable to common shareholders of $36 million for the fourth quarter 2022, or a diluted loss from continuing operations per share of $0.31, compared with net income from continuing operations attributable to common shareholders of $47 million, or diluted earnings from continuing operations per share of $0.40, for the same period in 2021. Revenue was $1.83 billion for the quarter, compared with $1.77 billion for the same period in 2021. 08, 2023 (GLOBE NEWSWIRE) - XPO (NYSE: XPO) today announced its financial results for the fourth quarter 2022. XPO has retained Goldman Sachs, Morgan Stanley and BofA Securities to assist with the spinoff.Reports fourth quarter growth in North American LTL year-over-year, including 26% increase in operating income and 20% increase in adjusted EBITDAĪchieves fourth quarter tonnage growth year-over-year in North American LTL The pricing of shares and how many shares of the new LTL company current XPO shareholders will receive is still being decided. XPO's North American LTL business reported more than $4.1 billion in revenue in 2021, with 16% growth year over year. Customers include Caterpillar and Tractor Supply. XPO is the third largest LTL carrier in the U.S. "We also learned that by creating a pure-play industry leader, you become easier to understand for investors and eliminate." "We learned from the GXO spin that when you have a management team doing one thing, they're more focused and fit for purpose to drive growth," Jacobs said. Including a nice move higher in regular trading Tuesday, GXO has gained roughly 17% since then compared to a nearly 4% decline in the S&P 500 over that same stretch of time. Those shares began trading back in Aug 2. In March 2021, XPO announced it would spinoff its contract logistics business into a separate publicly traded company called GXO. Tuesday's announcement is a departure from XPO's growth strategy between 20, which included the 2015 acquisition of LTL trucker Con-Way for $3 billion. The company will divest its European business, which includes both trucking, truck brokerage and other services either through a sale or a listing on an European exchange. ![]() However, if that deal does not close XPO said the container shipping business will be included in the spinoff. XPO also has an exclusive agreement with a potential buyer for its intermodal business that ships containers. It will have a separate management team, with headquarters in Charlotte, North Carolina. The truck brokerage business - which includes last mile delivery, freight forwarding and managed transportation - is expected to begin trading under a new name by the end of 2022. It's going to be even more focused post-spin," Jacobs said. We generated over $3 billion in net cash and improved margin by 910 bps since we bought the business. "We've managed the LTL business very well. LTL trucking, which allows multiple customers to ship goods in the same truck, has become increasingly in demand during the global supply chain disruption caused by the Covid pandemic as full truckload capacity has become more expensive and difficult for companies to find. XPO will focus solely on LTL, where the company gets 33% of revenue. The remaining trucking business will retain current management including Jacobs, the ticker symbol XPO and headquarters in Greenwich, Connecticut. He added: "There's also a separate universe of investors who want to invest in an asset-light, tech-enabled truck brokerage platform that the spin-off will be." Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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