XPO Logistics (XPO) Tops Q2 EPS by 21c; Outlook Raised

XPO Logistics (NYSE: XPO) reported Q2 EPS of $1.86, $0.21 better than the analyst estimate of $1.65. Revenue for the quarter came in at $5.04 billion versus the consensus estimate of $4.82 billion.

GUIDANCE:

XPO increased its pre-spin combined adjusted EBITDA target for full year 2021 to a range of $1.875 billion to $1.915 billion, reflecting higher expectations for both segments following its second quarter performance. Utilizing this combined target, the following pro forma targets have been calculated as if the spin-off had been completed on January 1, 2021.

XPO full year pro forma 2021 financial targets*:

• Adjusted EBITDA of $1.195 billion to $1.235 billion, including adjusted EBITDA of $574 million to $614 million generated in the last six months of 2021;
• Depreciation and amortization of $385 million to $395 million, excluding approximately $95 million of acquisition-related amortization expense;
• Interest expense of approximately $200 million;
• Effective tax rate of 23% to 25%;
• Adjusted diluted EPS of $4.00 to $4.30;
• Net capital expenditures of $250 million to $275 million; and
• Free cash flow of $400 million to $450 million.

GXO full year pro forma 2021 financial targets*:

• Revenue of $7.5 billion to $7.7 billion;
• Adjusted EBITDA of $605 million to $635 million, including adjusted EBITDA of $309 million to $339 million generated in the last six months of 2021;
• Depreciation and amortization of $240 million to $250 million, excluding approximately $60 million of acquisition-related amortization expense;
• Interest expense of $20 million to $25 million;
• Effective tax rate of 26% to 28%; and
• Net capital expenditures of $240 million to $250 million.

For earnings history and earnings-related data on XPO Logistics (XPO) click here.

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