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The transportation company posted earnings of $0.71, $0.10 better than the analyst estimate of $0.61. However, revenue for the quarter came in at $1.92 billion, below the consensus estimate of $1.94B.
XPO shares are up more than 6% at the time of writing, trading at $72.61 per share. Earlier in the session, they hit a high of $76.77.
The company said its results reflected a solid performance despite the soft industry environment for freight transportation, with shipments per day 1.9% higher than a year ago, driven by XPO’s quality of service, with yield growth getting stronger as the quarter progressed.
“Our business performed above expectations in the second quarter, delivering adjusted EBITDA of $244 million and adjusted diluted EPS of $0.71,” said Mario Harik, chief executive officer of XPO. “Our momentum continued into July, when we moved more volume through our network, accelerating year-over-year growth in tonnage and shipments per day to 4% and 9%, respectively.”
