XPO Logistics posted a record quarterly profit in Q3 driven by strong demand for its e-commerce, consumer and last-mile services.
The US logistics giant alsoreaffirmed its full-year forecasts for adjusted pre-tax earnings of at least $1.37 billion in 2017, and $1.6 billion in 2018.
“In the third quarter, we generated the highest revenue, net income and cash flow of any quarter in our history, and our $370 million of adjusted EBITDA beat expectations,” said Bradley Jacobs, chairman and CEO.
“We benefited from positive market dynamics, including e-commerce demand for contract logistics and last mile, growth in intermodal, and a brokerage market that is trending in our favour. Our diversification is yielding results.”
Connecticut-based XPO reported Q3 profit of $57.5 million, compared to $13.8 million a year earlier, while Q3 revenue totalled $3.89 billion, up from $3.71 billion in Q3 2016.
XPO’s sales force closed $2.1 billion of new business through September, up 49%, and its business pipeline now exceeds $3 billion globally. “These levers, combined with our leading positions in key sectors, are fuelling organic growth that continues to outpace the industry,” said Jacobs.
“We’re exploring acquisition opportunities that will augment this momentum.”