XPO Logistics has announced its financial results for Q1 2021, with a revenue increase to $4.77bn for Q1, compared with $3.86bn in 2020. Net income attributable to common shareholders was $115m for Q1, compared with $21m in 2020. Operating income was $202m in Q1, compared with $81m in 2020.
Adjusted net income attributable to common shareholders, a non-GAAP financial measure, was $164m for Q1, compared with $71m in 2020.
Adjusted EBITDA increased to $443m in Q1, compared with $333m in 2020.
Brad Jacobs, chairman and chief executive officer of XPO Logistics, said, “In the first quarter, we reported the highest revenue of any quarter in our history, appreciably outpacing a macro that’s recovering faster than expected. Our net income and adjusted EBITDA were both first quarter records, and we grew adjusted EPS by 112% year-over-year. Our truck brokerage business is continuing to outperform the market, powered by the growth of our XPO Connect digital platform. We increased our first quarter brokerage revenue by 83% year-over-year, and grew net revenue by 132%. […] In logistics, our record first quarter revenue of $1.82bn was propelled by the ‘big three’ logistics tailwinds: e-commerce, outsourcing and warehouse automation. We’ve won a tremendous amount of logistics business in the first four months of this year, including a $1.8bn contract with a longstanding customer that extends and expands our relationship through 2032. This is the largest contract in our company’s history.”
First Quarter 2021 Results by Segment
Progress on the GXO Spin-Off
The company is on track with its plan to spin off its logistics segment in the second half of 2021. To date, as previously announced, the company has:
Completion of the spin-off is subject to various conditions, and there can be no assurance that the transaction will occur or, if it does occur, of its terms or timing.
Source: XPO Logistics
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