XPO

Brad Jacobs, Chairman and CEO of Greenwich, Conn.-based freight transportation and logistics services provider XPO Logistics, offered up myriad opinions on a host of industry trends and themes at the opening session of this week’s SMC3 2021 Jumpstart conference, which was held virtually.

Greenwich, Conn.-based global freight transportation and logistics services provider XPO Logistics said today that it reached a new high-water mark with its digital freight marketplace, XPO Connect, noting that the Drive XPO app, which is used by carriers and truck drivers to access XPO Connect, has now been downloaded more than 300,000 times.

Greenwich, Conn.-based XPO Logistics, a provider of global freight transportation and logistics services, said that its acquisition of the majority of Kuehne + Nagel’s contract logistics operations in the UK and Ireland, which was initially announced in March 2020, is a done deal.

Significant changes may be coming for Greenwich, Conn.-based global freight transportation and logistics services provider XPO Logistics, with the company announcing today that its board of directors signed off on the approval of a plan to seek a spin-off of its logistics group as a standalone publicly traded company.

Following an early October Bloomberg report, which indicated Greenwich, Conn.-based global freight transportation and logistics services provider XPO Logistics was vetting the possibility of selling its European supply chain business, a Bloomberg report published this week stated that is no longer the case.

Revenue—at $4.22 billion—was up 1.7%, and net income attributable to common shareholders—at $21 million—fell 51.2%. Operating income—at $223 million—was down 2.7%. Diluted earnings per share came in at $0.83 compared to $1.14 a year ago, and adjusted quarterly EBITDA—at 439 million—was up less than 1% and was the best third quarter EBITDA in its history, coming in ahead of Wall Street expectations by $87 million, or 25%.

A recent Bloomberg report noted that Greenwich, Conn.-based global freight transportation and logistics services provider XPO Logistics is again looking into the possibility of selling its European supply chain business operations. Citing “peoplE familiar with the matter," the report said that this process had paused during the pandemic.

XPO Logistics announced this week it has rolled out new capabilities to its digital freight platform, XPO Connect.

XPO officials said that Kuehne + Nagel’s U.K. contract logistics operations include various services, including: inbound and outbound distribution; reverse logistics management, and inventory management. For 2019, Kuehne + Nagel’s U.K. contract logistics operations took in around $500 million (EUR) from the beverage, technology and e-commerce, and food service verticals.

Company officials said XPO will manage United Kingdom (UK) UK parts distribution through an integrated, digitally-managed transportation network. And they added that XPO will distribute automotive parts to Mercedes-Benz’s UK retail and commercial vehicle dealerships, running more than 40 routes on a daily basis from the Mercedes-Benz European Logistics Center in Milton Keynes and XPO’s overnight-delivery depots in Motherwell, Leigh, Wakefield, Gloucester, and Taunton.

Fourth quarter revenue—at $4.14 billion—was off 6% annually, but net income attributable to common shareholders—at $96 million—was up 14%.

XPO said that its board of directors has authorized a review of strategic alternatives, which includes the possible sale or spin-off of one or more of its business units. And it added that there is “no assurance of any specific outcome” and there is no specific timetable for the completion of the review process or which, if any, of its business units would be sold or spun off.

Greenwich, Conn.-based XPO Logistics, a provider of global freight transportation and logistics services, reported solid third quarter earnings today. Revenue­­-at $4.15 billion-was down 4.4% annually, and net income attributable to common shareholders-at $117 million-was up 13.7% compared to $101 million a year ago. Operating income-at $229 million-was up 8.7%, and diluted earnings per share-at $1.14-topped Wall Street estimates of $1.03 per share.

With an eye on advancing innovation in the logistics sector, Greenwich, Conn.-based XPO Logistics, a provider of global freight transportation and logistics services, said today it has formed a partnership with the Massachusetts Institute of Technology (MIT) Industrial Liaison Program (ILP), and last week it announced it has added Aris Kekedjian to its Board of Directors.

Revenue­­-at $4.24 billion-was down 2.7% annually, and net income attributable to common shareholders-at $122 million-was down compared to $132 million a year ago. Operating income-at $258 million-was up 11.7%, and diluted earnings per share-at $1.19-topped $1.03 from a year ago and Wall Street estimates of $1.04.