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XPO 2020 profit falls 3-fold to US$79 million, sales off 2.4pc
来源：Shipping News Headlines 编辑：编辑部 发布：2021/02/18 09:55:49
CONNECTICUT's XPO Logistics suffered more than a three-fold year-on-year decline in 2020 profit to US$79 million, drawn on revenues of $16.25 billion, down 2.4 per cent.
Fourth quarter net profit was down 3.1 per cent year on year to $93 million, drawn on revenues of $4.67 billion, up 12.8 per cent.
Last month, the company completed the previously announced acquisition of the majority of the contract logistics operations of Kuehne + Nagel in the UK and Ireland.
The transaction expanded XPO¡¯s logistics network in the UK and Ireland to 248 locations and by 31,000 employees.
In December, the XPO announced plans to pursue a spin-off of its logistics segment as a separate publicly traded company. The spun-off company will be the second largest contract logistics provider in the world and the remaining company will be a global provider of less-than-truckload and truck brokerage transportation services.
"Our fourth quarter revenue, earnings and free cash flow were all much better than expected. The investments we made in our people and technology in 2020 helped us to generate the highest revenue of any quarter in our history.
The industry¡¯s biggest tailwinds are at our back in 2021 - e-commerce fulfillment and returns, supply chain outsourcing and fast-growing customer demand for our digital capabilities."
"Our 2021 guidance anticipates adjusted EBITDA of $1.7 billion to $1.8 billion, reflecting year-over-year growth of 24 to 29 per cent in each of our segments," Mr Jacobs said.
Fourth quarter net profit was down 3.1 per cent year on year to $93 million, drawn on revenues of $4.67 billion, up 12.8 per cent.
Last month, the company completed the previously announced acquisition of the majority of the contract logistics operations of Kuehne + Nagel in the UK and Ireland.
The transaction expanded XPO¡¯s logistics network in the UK and Ireland to 248 locations and by 31,000 employees.
In December, the XPO announced plans to pursue a spin-off of its logistics segment as a separate publicly traded company. The spun-off company will be the second largest contract logistics provider in the world and the remaining company will be a global provider of less-than-truckload and truck brokerage transportation services.
"Our fourth quarter revenue, earnings and free cash flow were all much better than expected. The investments we made in our people and technology in 2020 helped us to generate the highest revenue of any quarter in our history.
The industry¡¯s biggest tailwinds are at our back in 2021 - e-commerce fulfillment and returns, supply chain outsourcing and fast-growing customer demand for our digital capabilities."
"Our 2021 guidance anticipates adjusted EBITDA of $1.7 billion to $1.8 billion, reflecting year-over-year growth of 24 to 29 per cent in each of our segments," Mr Jacobs said.