XPO, Inc. reported significant financial growth in its latest 10-Q filing for the quarter ending September 30, 2024. The company achieved total revenue of $2,053 million for the third quarter, marking a 3.7% increase from $1,980 million in the same period of 2023. For the nine months ended September 30, 2024, revenue reached $6,150 million, up 6.0% from $5,804 million year-over-year.
Operating income also saw substantial improvement, with Q3 2024 operating income at $176 million (8.6% of revenue), a 14.3% increase from $154 million (7.8% of revenue) in Q3 2023. For the nine-month period, operating income surged to $511 million (8.3% of revenue), a 60.2% increase from $319 million (5.5% of revenue) in the prior year.
Net income for Q3 2024 was $95 million, reflecting a 13.1% increase from $84 million in Q3 2023. For the nine months, net income rose to $312 million, a significant 138.2% increase from $131 million in the same period of 2023. Basic earnings per share from continuing operations for Q3 2024 were $0.81, compared to $0.74 in Q3 2023, while for the nine months, it increased to $2.68 from $1.16.
The company’s total assets increased to $7,923 million as of September 30, 2024, up from $7,492 million at the end of 2023. Total stockholders' equity rose to $1,641 million, compared to $1,266 million at the end of 2023, with retained earnings significantly increasing to $496 million from $185 million.
Strategically, XPO completed the acquisition of 28 less-than-truckload (LTL) service centers from Yellow Corporation in December 2023, enhancing its LTL network capacity. The company is also planning to divest its European business, although specific terms and timing remain uncertain.
In terms of operational metrics, the North American LTL segment generated $1,251 million in revenue for Q3 2024, a 1.9% increase from $1,228 million in Q3 2023. The European Transportation segment reported $803 million in revenue for Q3 2024, up 6.8% from $752 million in the prior year.
XPO's total debt as of September 30, 2024, stood at $3,519 million, with a carrying value of $3,411 million. The company reported net cash provided by operating activities from continuing operations of $619 million for the nine months ended September 30, 2024, compared to $443 million in the same period of 2023.
Overall, XPO, Inc. demonstrated robust financial performance and strategic growth initiatives in its latest reporting period.
About XPO, Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.