US-based logistics business, XPO Logistics, said its revenue increased 18.4 per cent year-over-year to €3.5 billion, partly due to e-commerce and demand.
XPO Logistics said its net income attributable to common shareholders was €$55.9 million for the quarter, or earnings of €0.41 per diluted share, compared with net income attributable to common shareholders of €16.3 million, or earnings of €0.13 per diluted share, for the same period in 2017.
“We’re off to a strong start in 2018,” said XPO Logistics Chairman and CEO, Bradley Jacobs.
“We delivered record first quarter results for revenue, net income, EPS and adjusted EBITDA. Our 11 per cent organic revenue growth reflected a healthy diversification of customer verticals and service lines. Organic growth in last mile was 15 per cent, and logistics was 14 per cent, both driven by e-commerce demand.
“Profit significantly outpaced revenue in our logistics segment, with operating income up 44 per cent and adjusted EBITDA up 28 per cent. In our transportation segment, we grew freight brokerage revenue by 30 per cent in a tight market. We expanded our margins in North American freight brokerage and European dedicated truckload, and improved our adjusted operating ratio in North American less-than-truckload to 87.8 per cent.
“We’re making disciplined investments in innovation and sales to propel long-term growth. We recently introduced our digital freight marketplace, smart warehouse platform and voice integration for consumer self-service. In April, we announced XPO Direct, a shared-space distribution network of warehouses and last mile hubs that gives customers flexible capacity,” he said.
Jacobs has confirmed that XPO Logistics won a record a record €812.8 million of new business in the first quarter, and the business remains on-track to deliver at least €1.3 billion of adjusted EBITDA and approximately €522.6 million of free cash flow this year.
XPO Logistics recently appointed Kenneth Wagers as Chief Operating Officer, who is responsible for the company’s operations in 32 countries.