Major global 3PL posts record revenues
XPO Logistics has announced its financial results for the second quarter 2021, with revenue increasing to $5.04 billion for the second quarter, compared with $3.50 billion for the same period in 2020.
XPO Logistics chairman and chief executive officer Brad Jacobs, said: “In our global logistics business, we doubled our adjusted EBITDA year-over-year and reported another quarter of double-digit growth, with revenue up 34% and organic revenue up 16%. The three major logistics tailwinds of e-commerce, warehouse automation and outsourcing will continue to propel this best-in-class business as GXO.”
Adjusted earnings before interest, taxes, depreciation and amortisation (“adjusted EBITDA”), a non-GAAP financial measure, increased to $507 million for the second quarter, compared with $172 million for the same period in 2020.
The company has updated its pro forma full year 2021 financial targets for XPO and GXO, the two public companies that will result from the planned spin-off on August 2, 2021. It raised GXO’s 2022 target for adjusted EBITDA to a range of $705 million to $740 million, with year-over-year organic revenue growth of 8% to 12% next year.
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.
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