XPO turns in record second quarter earnings

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New records were hit for quarterly revenue—at $3.23 billion—up 1.2% annually (and up 11% when excluding the March sale of its intermodal business), with net income—at $141 million—up 19.9%. Operating income—at $230 million—was up 17%. Adjusted EBITDA—at $405 million—increased 18.5% annually, the highest in XPO’s history, well ahead of previous guidance, at $360 million-to-$370 million. And earnings per share—at $1.81—were up compared to $1.00 for the second quarter of 2021, marking the highest for the second quarter ever for XPO. Free cash flow was at $73 million.

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