XPO Logistics reports highest revenue in Q1 results history

US-based company, XPO Logistics, has confirmed record-breaking financial results for the first quarter of 2022.

The company generated $200 million USD of cash flow from operating activities and a further $66 million USD of free cash flow, a non-GAAP financial measure.

Revenue increased to $3.47 billion USD, compared to the company’s $2.99 billion USD the year prior. Net income from continuing operations was $489 million USD, a major increase from $63 million USD for the same period in 2021.

XPO Logistics CEO, Brad Jacobs, said the company saw a first quarter record with improvements across the board.

“We delivered a record first quarter, with significant beats across revenue, net income, adjusted EBITDA and adjusted EPS,” he said.

“We’re executing on multiple avenues for value creation — the spin-off of our tech-enabled brokered services platform, the sale or listing of our European business, our continued deleveraging, and company-specific initiatives for the ongoing transformation of our North American LTL business.”

The company also reported an operating income of $625 million USD compared to $139 million USD last year.

Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased to $321 million USD, higher than the company’s previous Q1 result of $279 million USD.

Jacobs said the company aimed to reflect its moment by raising its full-year financial outlook.

“Following our eighth straight beat on adjusted EBITDA in the quarter, our April results accelerated both sequentially and year-over year in many of our key metrics,” he said.

“We raised our full-year financial outlook by more than the beat to reflect our momentum.”

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