XPO Logistics, Inc. has announced financial results for the third quarter 2018. Revenue increased 11.5% year-over-year to $4.34 billion.
Net income attributable to common shareholders was $100.8 million for the quarter, compared with net income attributable to common shareholders of $57.5 million for the same period in 2017.
Earnings per diluted share was $0.74 for the quarter, compared with $0.44 for the same period in 2017.
Adjusted net income attributable to common shareholders, a non-GAAP financial measure, was $121.3 million for the quarter, compared with $76.7 million for the same period in 2017.
Adjusted earnings per diluted share, a non-GAAP financial measure, was $0.89 for the quarter, compared with $0.59 for the same period in 2017.
EPS and adjusted EPS for the third quarter 2018 were decreased by $0.07 due to a charge of $15.6 million, or $11.4 million after-tax, related to a customer bankruptcy.
Adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA"), a non-GAAP financial measure, increased to $414.9 million for the third quarter 2018, compared with $369.6 million of adjusted EBITDA for the same period in 2017.
XPO to Deploy 5,000 Collaborative Warehouse Robots
Adjusted EBITDA for the third quarter 2018 excludes integration and rebranding costs of $11.7 million. Adjusted EBITDA in the quarter reflects the impact of a $15.6 million charge related to a customer bankruptcy.
For the third quarter 2018, the company generated $288.2 million of cash flow from operations and $173.0 million of free cash flow.
The company has updated its full-year 2018 target for adjusted EBITDA to approximately $1.585 billion, from at least $1.6 billion.
The revised target for adjusted EBITDA primarily reflects the impact of a customer bankruptcy in the third quarter. The company has reaffirmed its 2017–2018 target for cumulative free cash flow of approximately $1 billion.
Bradley Jacobs, chairman and chief executive officer of XPO Logistics, said: “Our robust organic growth of 10.5% in the quarter was led by strong demand for e-commerce logistics and freight brokerage.
“Our disciplined investments in growth over the past 18 months are gaining traction. We closed $918 million of new business in the quarter, up 43% from last year, due in large part to our expanded sales organization and proprietary technology.
“In contract logistics, we implemented a record 90 customer contracts through September, enabled by intelligent automation.”
