XPO's spin-off takes its toll
XPO Logistics generated revenues of USD 1.83 billion in Q4/2022, surpassing the USD 1.77 billion achieved in Q3/2021.
Yet, the company witnessed a net loss due to three impacts primarily related to the RXO spin-off completed in November: a USD 64 million non-cash goodwill impairment charge related to European transportation, which became a new segment of XPO, a USD 42 million of transaction and integration costs and USD 35 million of restructuring charges.
For the full year, the company reported total revenues of USD 7.7 billion, compared to USD 7.2 billion for 2021. Net income amounted to USD 184 million for 2022, well above the USD 96 million for 2021, while operating income amounted to USD 377 million for 2022 (2021: USD 312 million). Adjusted ebitda for 2022 was USD 997 million (2021: USD 812 million).
CEO Mario Harik: "We’re pleased that we delivered over USD 1 billion of LTL adjusted ebitda for our shareholders in 2022, exceeding our target." (sh)