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XPO, Inc. (NYSE:XPO) shares are trading lower premarket today. On Wednesday, the company stated that August 2024 LTL tonnage per day fell by 4.6% compared to August 2023.
The company says this was due to a 4.5% decline in daily shipments and a 0.1% drop in weight per shipment.
Mario Harik, chief executive officer of XPO, stated, “In August, we managed our variable costs effectively in a soft demand environment, supporting our outlook for margin expansion.”
“The industry pricing backdrop remains constructive, and we’re executing our company-specific initiatives to deliver strong above-market yield growth. Our ongoing service improvements and network investments will further accelerate our results when industry demand rebounds.”
Last month, XPO reported second-quarter revenue of $2.097 billion, up 8.5% Y/Y, beating consensus of $2.072 billion, and adjusted EPS of $1.12, beating consensus of $1.01.
The increase in revenue was aided by higher yield and tonnage per day in the North American LTL segment.
Investors can gain exposure to the stock via ProShares Trust ProShares Supply Chain Logistics ETF (NYSE:SUPL) and The Alger ETF Trust Alger Weatherbie Enduring Growth ETF (NYSE:AWEG).
Price Action: XPO shares are down 8.42% at $104.06 premarket at the last check Thursday.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
