XPO Logistics (NYSE:XPO) saw its shares surge more than 9% ahead of Friday’s market open as investors rushed to buy the stock following a stronger-than-expected fiscal Q1 earnings report.
The company posted earnings per share (EPS) of $0.81, beating the consensus estimates of $0.67.
Revenue came in at $2.02 billion, also above the estimated $2.01 billion.
Further, XPO Logistics saw its adjusted EBITDA margin increase to 20.9% from 16.3% compared to the same period last year.
“Our strong first quarter financial results exceeded expectations, giving us a solid start to 2024. Companywide, year-over-year, we grew revenue by 6%, adjusted EBITDA by 37% and adjusted diluted EPS by 45%,” said Mario Harik, chief executive officer of XPO.
“While we’ve made significant progress in executing our LTL 2.0 plan, we’re still in the early stages of unlocking our full potential.”