XPO

A stand-alone FedEx Freight gives LTL investors another pure play

Investors are getting more optionality when it comes to playing the less-than-truckload market. FedEx Corp. said Thursday it will move forward with a plan to spin off FedEx Freight, the nation’s largest LTL carrier, which experts say could be worth as much as $30 billion.

Details surrounding the transaction were sparse, but FedEx (NYSE: FDX) said separating into two publicly listed companies – a domestic and international package and freight business generating $78 billion in annual revenue, and...

https://www.freightwaves.com/news/a-stand-alone-fedex-freight-gives-ltl-investors-another-pure-play

XPO, Old Dominion waiting for market turn

Less-than-truckload carriers are still seeing negative tonnage results at what is likely the bottom of the cycle. XPO and Old Dominion Freight Line are the latest to provide November results after updates from a pair of carriers sent shares for the group lower on Tuesday.

XPO eyeing Q4 margin improvement

XPO (NYSE: XPO) reported a 4% y/y decline in tonnage per day during November, which followed an 8% decline in October. October was up against a tough comp due to a cyberattack at Estes last year...

https://www.freightwaves.com/news/xpo-old-dominion-waiting-for-market-turn

LTL carriers waiting for next demand catalyst in post-Yellow world

Less-than-truckload carriers are hoping an end to a two-year industrial recession will provide a needed volume uptick and bring about a more favorable freight mix. A positive inflection will also allow carriers to fill terminals acquired following Yellow Corp.’s exit.

Yellow’s (OTC: YELLQ) July 2023 shutdown put roughly 8% market share up for grabs, providing the industry with a respite to an ongoing freight recession. However, the newfound volume was quickly absorbed, and the industry is again...

https://www.freightwaves.com/news/ltl-carriers-waiting-for-next-demand-catalyst-in-post-yellow-world

XPO’s shares surge on strong Q3, favorable outlook

XPO returned another solid quarter as it readies its network to take advantage of both the next market upturn and longer-term growth opportunities.

The less-than-truckload carrier reported third-quarter adjusted earnings per share of $1.02, 11 cents better than the consensus estimate and 14 cents higher year over year. Consolidated revenue increased 3.7% to $2.05 billion. It outpaced peers by logging 200 basis points of margin improvement in its LTL segment.  

Shares of XPO (NYSE: XPO) were up...

https://www.freightwaves.com/news/xpos-shares-surge-on-strong-q3-favorable-outlook

XPO Q3 earnings: First look

Less-than-truckload carrier XPO reported third-quarter adjusted earnings per share of $1.02, 11 cents better than the consensus estimate and 14 cents higher year over year.

Consolidated revenue of $2.05 billion was a 3.7% y/y increase.

XPO’s (NYSE: XPO) LTL segment generated revenue of $1.25 billion, a 1.9% y/y increase. Tonnage per day was down 3.9% y/y, which was offset by a 3.7% increase in revenue per hundredweight, or yield (6.7% higher excluding fuel surcharges).

The unit reported an 84.2%...

https://www.freightwaves.com/news/xpo-q3-earnings-first-look

LTL survey: Daylight Transport No. 1 overall, Old Dominion top national carrier

Daylight Transport was named the top overall less-than-truckload carrier in Mastio & Co.’s annual value and loyalty survey. Old Dominion Freight Line again received top honors among national carriers, a Tuesday report revealed.

The top 5 carriers in the overall group also included Averitt Express (No. 2), Old Dominion (No. 3), Peninsula (No. 4) and Dayton Freight Lines (No. 5). Averitt Express won the category last year and Peninsula was the winner in 2022.

Estes was ranked the No. 2 national...

https://www.freightwaves.com/news/ltl-survey-daylight-transport-no-1-overall-old-dominion-top-national-carrier

LTL earnings estimates cut following weak August updates

Susquehanna Financial Group cut earnings estimates for less-than-truckload carriers following weaker-than-expected volume updates for August. The investment firm pushed out its call for a “gradual recovery” in demand to 2025, with the expectation that 2026 will deliver “more meaningful performance.”

“As we exit 3Q, we’ve been right on pricing holding up so far, but wrong on demand as underlying LTL volumes trended sideways-to-softer instead of sequentially strengthening,” analyst Bascome Majors...

https://www.freightwaves.com/news/ltl-earnings-estimates-cut-following-weak-august-updates

XPO expects to deliver solid execution in ‘flattish’ back half

Less-than-truckload carrier XPO reported another earnings beat as revenue and margins stepped higher again in the second quarter.

Adjusted earnings per share of $1.12 came in 11 cents better than the consensus estimate and 41 cents higher year over year. The adjusted result excluded transaction and restructuring costs of 22 cents per share as well as a $41 million one-time tax benefit (34 cents) tied to the restructuring of its European operations.

XPO’s (NYSE: XPO) LTL segment reported a 12% y/y...

https://www.freightwaves.com/news/xpo-expects-to-deliver-solid-execution-in-flattish-back-half

XPO Q2 first look: LTL carrier beats expectations again

Less-than-truckload carrier XPO reported second-quarter adjusted earnings per share of $1.12 on Thursday ahead of the market open. The result was 11 cents ahead of the consensus estimate and 41 cents higher year over year.

The adjusted result excluded transaction and restructuring costs of 22 cents per share as well as a $41 million one-time tax benefit (34 cents) tied to the restructuring of its European operations.

XPO (NYSE: XPO) generated consolidated revenue of $2.08 billion, which was 9%...

https://www.freightwaves.com/news/xpo-q2-first-look-ltl-carrier-beats-expectations-again

XPO expands cross-border service with launch of XPO Mexico+

Less-than-truckload carrier XPO announced Wednesday the launch of XPO Mexico+, which significantly expands its cross-border service in Mexico.

XPO (NYSE: XPO) said the new offering improves delivery times as more capacity will be available and the company now serves seven crossing points at the border reaching 99% of Mexico’s postal codes. The service is CTPAT-certified and customers will be able to track shipments in real time, with customer support being provided by a bilingual representative.

X...

https://www.freightwaves.com/news/xpo-expands-cross-border-service-with-launch-of-xpo-mexico

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