'In North American LTL, every key operating and financial metric reflected the team's strong execution of our
'We also delivered one of the best damage claims ratios in the industry at 0.3%, continuing our record performance. We're determined to become the leading LTL service provider by giving our customers the best possible service experience every time we move their freight.'
Harik continued, 'While we've made significant progress in executing our
First Quarter Highlights
For the first quarter 2024, the company generated revenue of
Operating income was
Adjusted net income from continuing operations, a non-GAAP financial measure, was
Adjusted earnings before interest, taxes, depreciation and amortization ('adjusted EBITDA'), a non-GAAP financial measure, was
The company generated
Results by Business Segment
North American Less-Than-Truckload (LTL): The segment generated revenue of
Operating income was
Adjusted EBITDA for the first quarter 2024 was
European Transportation: The segment generated revenue of
Adjusted EBITDA was
Corporate: The segment generated an operating loss of
Adjusted EBITDA, a non-GAAP financial measure, was a loss of
Conference Call
The company will hold a conference call on
About XPO
Non-GAAP Financial Measures
As required by the rules of the
XPO's non-GAAP financial measures in this press release include: adjusted earnings before interest, taxes, depreciation and amortization ('adjusted EBITDA') on a consolidated basis and for corporate; adjusted EBITDA margin on a consolidated basis; adjusted net income from continuing operations; adjusted diluted earnings from continuing operations per share ('adjusted diluted EPS'); adjusted operating income for our North American Less-Than-Truckload and European Transportation segments; and adjusted operating ratio for our North American Less-Than-Truckload segment.
We believe that the above adjusted financial measures facilitate analysis of our ongoing business operations because they exclude items that may not be reflective of, or are unrelated to, XPO and its business segments' core operating performance, and may assist investors with comparisons to prior periods and assessing trends in our underlying businesses. Other companies may calculate these non-GAAP financial measures differently, and therefore our measures may not be comparable to similarly titled measures of other companies. These non-GAAP financial measures should only be used as supplemental measures of our operating performance.
Adjusted EBITDA, adjusted EBITDA margin, adjusted net income from continuing operations, adjusted diluted EPS, adjusted operating income and adjusted operating ratio include adjustments for transaction and integration costs, as well as restructuring costs and other adjustments as set forth in the attached tables. Transaction and integration adjustments are generally incremental costs that result from an actual or planned acquisition, divestiture or spin-off and may include transaction costs, consulting fees, stock-based compensation, retention awards, internal salaries and wages (to the extent the individuals are assigned full-time to integration and transformation activities) and certain costs related to integrating and converging IT systems. Restructuring costs primarily relate to severance costs associated with business optimization initiatives. Management uses these non-GAAP financial measures in making financial, operating and planning decisions and evaluating XPO's and each business segment's ongoing performance.
We believe that adjusted EBITDA and adjusted EBITDA margin improve comparability from period to period by removing the impact of our capital structure (interest and financing expenses), asset base (depreciation and amortization), tax impacts and other adjustments as set out in the attached tables that management has determined are not reflective of core operating activities and thereby assist investors with assessing trends in our underlying businesses. We believe that adjusted net income from continuing operations and adjusted diluted EPS improve the comparability of our operating results from period to period by removing the impact of certain costs and gains that management has determined are not reflective of our core operating activities, including amortization of acquisition-related intangible assets, transaction and integration costs, restructuring costs and other adjustments as set out in the attached tables. We believe that adjusted operating income and adjusted operating ratio improve the comparability of our operating results from period to period by removing the impact of certain transaction and integration costs and restructuring costs, as well as amortization expenses as set out in the attached tables.
Forward-looking Statements
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terms such as 'anticipate,''estimate,''believe,''continue,''could,''intend,''may,''plan,''potential,''predict,''should,''will,''expect,''objective,''projection,''forecast,''goal,''guidance,''outlook,''effort,''target,''trajectory' or the negative of these terms or other comparable terms. These forward-looking statements are based on certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments, as well as other factors we believe are appropriate in the circumstances.
These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that may cause actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Factors that might cause or contribute to a material difference include the risks discussed in our filings with the
All forward-looking statements set forth in this release are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to or effects on us or our business or operations. Forward-looking statements set forth in this release speak only as of the date hereof, and we do not undertake any obligation to update forward-looking statements except to the extent required by law.
See full results at: https://news.xpo.com/3026/xpo-reports-first-quarter-2024-results/
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