XPO(XPO) - 2024 Q1 - Quarterly Results

Financial Performance - XPO reported first quarter 2024 revenue of $2.02 billion, a 5.8% increase from $1.91 billion in the same period of 2023[8] - Adjusted EBITDA for the first quarter 2024 was $288 million, up 37.1% from $210 million in the first quarter of 2023[11] - Diluted earnings from continuing operations per share increased to $0.56, compared to $0.15 for the same period in 2023, reflecting a 273.3% increase[9] - Net income from continuing operations was $67 million for the first quarter, compared to $17 million for the same period in 2023, marking a 294.1% increase[9] - Operating income surged to $138 million, reflecting a 137.9% increase compared to $58 million in the same period last year[27] - Net income reached $67 million, a significant increase of 378.6% from $14 million in Q1 2023[27] - Basic earnings per share for continuing operations improved to $0.58, up from $0.15 in the prior year[27] - Adjusted net income from continuing operations rose to $97 million in Q1 2024, up from $65 million in Q1 2023[49] - Adjusted diluted earnings from continuing operations per share increased to $0.81, compared to $0.56 in the previous year[49] Segment Performance - North American Less-Than-Truckload (LTL) segment revenue grew to $1.22 billion, a 9.0% increase from $1.12 billion in the first quarter of 2023[12] - Adjusted operating income for the North American LTL segment was $175 million, a 49.6% increase from $117 million in the same period last year[12] - The company achieved a 390-basis-point improvement in adjusted operating ratio to 85.7% in the North American LTL segment[12] - Revenue from the North American Less-Than-Truckload segment increased to $1,221 million, a 9.0% increase from $1,120 million in Q1 2023[33] - Adjusted EBITDA for the North American Less-Than-Truckload segment was $255 million, a 40.1% increase from $182 million in the same quarter last year[33] - The European Transportation segment generated revenue of $797 million, a 1.3% increase from $787 million in the first quarter of 2023[14] - Revenue for the three months ended March 31, 2024, was $797 million, a 1.3% increase from $787 million in 2023[40] Cash Flow and Assets - Cash flow from operating activities for the first quarter was $145 million, with cash and cash equivalents at $229 million at the end of the quarter[11] - Cash provided by operating activities from continuing operations was $145 million, compared to $76 million in Q1 2023[31] - Total assets as of March 31, 2024, were $7,603 million, up from $7,492 million at the end of 2023[29] - Long-term debt remained stable at $3,323 million, slightly down from $3,335 million at the end of 2023[29] Operational Metrics - Average weight per shipment decreased to 1,376 pounds, down 1.9% from 1,403 pounds in Q1 2023[37] - Adjusted EBITDA for the same period was $38 million, reflecting a 2.7% increase from $37 million in 2023, with an adjusted EBITDA margin of 4.8%[40] Costs and Expenses - Salaries, wages, and employee benefits increased by 5.9% to $215 million in Q1 2024 from $203 million in Q1 2023[40] - Restructuring costs rose to $8 million in Q1 2024, a 14.3% increase from $7 million in Q1 2023[40] - Transaction and integration costs decreased by 38.1% to $13 million in Q1 2024 from $21 million in Q1 2023[43] Corporate Segment - Revenue for the corporate segment remained unchanged at $0 million, with an operating loss of $(23) million, a 45.2% improvement from $(42) million in the previous year[43] - Operating loss for the three months ended March 31, 2024, was $(4) million, a 33.3% increase in loss compared to $(3) million in 2023[40] Strategic Initiatives - The company plans to continue executing its LTL 2.0 plan to unlock further potential in its operations[6]