Delivered third quarter record operating income, up 65% year-over-year

Improved tonnage in North American LTL each month through third quarter; tonnage inflected positive year-over-year in September

Grew North American truck brokerage volume year-over-year by 9%

XPO (NYSE: XPO) today announced its financial results for the third quarter 2022.

Revenue was $3.04 billion for the third quarter, compared with $3.27 billion for the same period in 2021. Excluding third quarter 2021 revenue from the company’s intermodal operation, which was sold in March 2022, third quarter 2022 revenue increased year-over-year by 3%.

Net income from continuing operations attributable to common shareholders was $131 million for the third quarter, compared with $21 million for the same period in 2021. Operating income was $185 million for the third quarter, compared with $112 million for the same period in 2021. Diluted earnings from continuing operations per share was $1.13 for the third quarter, compared with $0.19 for the same period in 2021.

Adjusted net income from continuing operations attributable to common shareholders, a non-GAAP financial measure, increased to $168 million for the third quarter, compared with $109 million for the same period in 2021. Adjusted diluted earnings from continuing operations per share, a non-GAAP financial measure, was $1.45 for the third quarter, compared with $0.94 for the same period in 2021.

Adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA”), a non-GAAP financial measure, increased to $352 million for the third quarter, compared with $307 million for the same period in 2021.

For the third quarter 2022, the company generated $265 million of cash flow from operating activities and $142 million of free cash flow, a non-GAAP financial measure.

Reconciliations of non-GAAP financial measures used in this release are provided in the attached financial tables.