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20 April, 2024 13:46 IST
XPO Logistics swings to first-quarter profit on a YOY basis
Source: IRIS | 09 Jun, 2017, 08.28PM

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XPO Logistics, Inc. (XPO) swung to a net profit for the quarter ended Mar. 31, 2017. The company has made a net profit of $21.30 million, or $ 0.16 a share in the quarter, against a net loss of $22.50 million, or $0.21 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $37.90 million, or $0.30 a share compared with a net loss of $9.30 million, or $0.08 a share in the last year period.

Revenue during the quarter went down marginally by 0.17 percent to $3,539.50 million from $3,545.70 million in the previous year period. Gross margin for the quarter expanded 59 basis points over the previous year period to 14.54 percent. Total expenses were 96.79 percent of quarterly revenues, down from 98.24 percent for the same period last year. This has led to an improvement of 145 basis points in operating margin to 3.21 percent.

Operating income for the quarter was $113.60 million, compared with $62.40 million in the previous year period.

However, the adjusted operating income for the quarter stood at $95.50 million compared to $58.30 million in the prior year period. At the same time, adjusted operating margin improved 105 basis points in the quarter to 2.70 percent from 1.64 percent in the last year period.

Bradley Jacobs, chairman and chief executive officer of XPO Logistics, said, "We started the year on a strong note by solidly beating our expectations for earnings, and continuing to expand margins in both transportation and logistics. In North American less-than-truckload, we increased operating income by a robust 49%, in part by running our line-haul, cross-dock and pickup-and-delivery operations more efficiently. Our market-leading position in e-commerce continued to drive growth in last mile and contract logistics, and our intermodal unit won the largest contract in any business line in XPO history."


Operating cash flow improves significantly
XPO Logistics, Inc. has generated cash of $15 million from operating activities during the quarter, up 117.39 percent or $8.10 million, when compared with the last year period.

The company has spent $101.90 million cash to meet investing activities during the quarter as against cash outgo of $97.20 million in the last year period. It has incurred capital expenditure of $101.90 million on net basis during the quarter, up 4.84 percent or $4.70 million from year ago period.

Cash flow from financing activities was $53.60 million for the quarter, down 29.29 percent or $22.20 million, when compared with the last year period.

Cash and cash equivalents stood at $342 million as on Mar. 31, 2017, up 22.58 percent or $63 million from $279 million on Mar. 31, 2016.

Working capital increases sharply
XPO Logistics, Inc. has recorded an increase in the working capital over the last year. It stood at $498.80 million as at Mar. 31, 2017, up 51.98 percent or $170.60 million from $328.20 million on Mar. 31, 2016. Current ratio was at 1.19 as on Mar. 31, 2017, up from 1.12 on Mar. 31, 2016.

Days sales outstanding were almost stable at 59 days for the quarter, when compared with the last year period.

At the same time, days payable outstanding was almost stable at 31 days for the quarter, when compared with the previous year period.


Debt comes down
XPO Logistics, Inc. has recorded a decline in total debt over the last one year. It stood at $
4,945.90 million as on Mar. 31, 2017, down 10.29 percent or $567.50 million from $5,513.40 million on Mar. 31, 2016. Total debt was 42.31 percent of total assets as on Mar. 31, 2017, compared with 43.78 percent on Mar. 31, 2016. Debt to equity ratio was at 1.60 as on Mar. 31, 2017, down from 1.79 as on Mar. 31, 2016. Interest coverage ratio improved to 1.50 for the quarter from 0.67 for the same period last year.


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