XPO

XPO opened up three of the 28 service center locations it acquired through an early December court-supervised auction, in which a dozen trucking companies bought properties that resold about three-fourths of Yellow’s properties for a total of just under $1.9 billion.

Saia, the nation’s eighth-largest less-than-truckload (LTL) carrier, enjoyed a blowout fourth quarter with earnings exceeding Wall Street analysts’ expectations in one of the first indications of a post-Yellow freight boom in the LTL sector.

Quarterly revenue, at $1.94 billion, was up 6% annually, and adjusted earnings per share fell 21.4% annually, to $0.77.

About a dozen trucking companies bought properties at a court-supervised auction that resold about three-fourths of Yellow’s properties for a total of just under $1.9 billion.

Quarterly revenue, at $1.98 billion, was up 2% annually, and adjusted earnings per share fell 7% annually, to $0.88, topping Wall Street estimates, at $0.66.

XPO said that it is adding 58 doors to this service center, noting that they will increase its Dallas-area capacity for shippers in the metro Dallas area across various sectors, including agriculture, energy, technology, and manufacturing. XPO previously announced it plans to add 900 net new doors throughout the United States by the first quarter of 2023.

Company officials said that this expansion will add 46 LTL dock doors in Georgia for XPO, which will allow XPO to handle more freight and “provide even better service to customers.” The Norcross service center currently employs more than 120 people, said XPO. And XPO said it expects to hire additional dockworkers and driver sales representatives. The company employs nearly 700 people across seven service centers in Georgia.

Quarterly revenue—at $1.91 billion—was up 1% annually, and adjusted earnings per share—at $0.56—rose $0.22 annually, topping Wall Street estimates, at $0.46. Operating income came in at $58 million, down from $63 million a year ago, which XPO said reflected higher transaction costs related to its previous spin-off of RXO. Adjusted EBITA—at $210 million—was up 12%.

Revenue came in at $1.83 billion, for a 3.3% annual increase, and adjusted earnings per share, at $0.98, topped the $0.64 recorded for the same quarter a year ago. XPO officials cited various growth drivers that factored into its quarterly earnings growth, including growing volumes, pricing, margins, and earnings, in what is called a “challenging macro environment,” and growing its shipment count and tonnage, outperforming negative trends in the industry and typical seasonality.

The debut of RXO was made official today, with the spin-off of XPO Logistics truck brokerage and asset-light transportation units now officially complete. RXO began trading today on the New York Stock Exchange, and it is the fourth-largest full truckload broker in the United States. The company has roughly 7,400 employees, with its technology-enabled truck brokerage business connecting shippers across various verticals to around 100,000 independent carriers and more than 1.5 million trucks. RXO’s corporate headquarters are in Charlotte, N.C.

Third quarter earnings for Greenwich, Conn.-based XPO Logistics were very strong, according to results issued earlier today. Quarterly revenue—at $3.04 billion—was down 7% annually but was up 3% when excluding third quarter 2021 revenue from its intermodal business, which was sold in March 2022.

XPO said it expects to report $3.04 billion in quarterly revenue and operating income to come in between $181 million-to-$185 million, with EBITDA pegged at $348 million-to-$352 million.

XPO said that Brad Jacobs, Chairman and CEO, will transition to Executive Chairman, as well as Non-Executive Chairman of the spin-off, with acting LTL President and Chief Information Officer Mario Harik will assume the role of XPO CEO, which, at that point, will be a pureplay LTL carrier through the completion of the spin-off and the divestiture of its European business.

New records were hit for quarterly revenue—at $3.23 billion—up 1.2% annually (and up 11% when excluding the March sale of its intermodal business), with net income—at $141 million—up 19.9%. Operating income—at $230 million—was up 17%. Adjusted EBITDA—at $405 million—increased 18.5% annually, the highest in XPO’s history, well ahead of previous guidance, at $360 million-to-$370 million. And earnings per share—at $1.81—were up compared to $1.00 for the second quarter of 2021, marking the highest for the second quarter ever for XPO. Free cash...

Greenwich, Conn.-based freight transportation services provider XPO Logistics said it has established a new name for its truck brokerage and asset-light transportation units, in the latest step of its spin-off processes over the last several months. The new company will be named RXO, which XPO said will reflect its commitment to providing shippers with “reliability multiplied by outperformance,” with a corporate tagline of “Massive capacity. Cutting edge technology.”