GREENWICH – XPO, the freight transportation company, posted third quarter earnings of $2.05 billion in 2024, compared with $1.98 billion for the same period in 2023. The year-over-year increase in revenue was due primarily to higher yield in the North American LTL segment and volume growth in the European Transportation segment.
Operating income was $176 million for the third quarter, compared with $154 million for the same period in 2023. Net income from continuing operations was $95 million for the third quarter, compared with $86 million for the same period in 2023. Diluted earnings from continuing operations per share was 79 cents for the third quarter, compared with 72 cents for the same period in 2023.
Adjusted net income from continuing operations, a non-GAAP financial measure, was $122 million for the third quarter, compared with $105 million for the same period in 2023. Adjusted diluted earnings per share (EPS), a non-GAAP financial measure, was $1.02 for the third quarter, compared with 88 cents EPS for the same period in 2023.
“We reported strong year-over-year earnings growth in the third quarter, as we continued to improve the business in a soft freight environment,” Mario Harik, chief executive officer of XPO, said. “In North American LTL (less than truckload), we grew adjusted operating income by 17% and achieved an adjusted operating ratio of 84.2% — 200 basis points better than the prior year, at the high end of our target range.
“We’re delivering on the strong results we promised for 2024, while positioning the business to accelerate earnings growth when the freight market recovers.”
XPO is a leader in asset-based LTL freight transportation in North America. XPO serves approximately 54,000 customers with 611 locations and 38,000 employees in North America and Europe, with headquarters in Greenwich.
