XPO, a less-than-truckload (LTL) carrier, posted another strong quarter, with North American revenue growing in double digits excluding fuel and margins improving. Total revenue rose 12.4% to $2.37 billion, slightly below the $2.38 billion estimate, while adjusted EBITDA climbed 26.6% to $433 million and adjusted EPS jumped 59% to $1.70, above the $1.57 consensus. Adjusted operating ratio improved 260 basis points to 80.1%. Tonnage per day rose 5%, which Chief Strategy Officer Ali Faghri attributed to market share gains and a rebound in industrial demand, while pricing rose in the mid-single digits. Faghri said XPO is on track to meet its 2021-2027 goals a year early and could bring the adjusted operating ratio to the low 70s if demand keeps growing.
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