132 million dollars. This is the amount of XPO Logistics’ net loss in the second quarter of 2020. While announcing its results, the logistics operator also provided forecasts for the coming quarter. As media noted, the company withdrew from making full-year forecasts in April due to the impact of the coronavirus on the economic situation.
Revenue was $3.50 billion for the quarter, compared with $4.24 billion for the same period in 2019. The company reported a net loss attributable to common shareholders of $132 million for the quarter, or a diluted loss per share of $1.45, compared with net income attributable to common shareholders of $122 million, or diluted earnings per share of $1.19, for the same period in 2019.
Based on current market conditions, the company expects to generate at least $350 million of adjusted EBITDA in the third quarter of 2020.
Bradley Jacobs, president and CEO of XPO Logistics, admitted that the second-quarter results were heavily influenced by the pandemic. He is hopeful, however, arguing that “business trends improved along with the quarter” and their continuation is already visible in July.
We see a recovery spreading across Europe and being recorded in North America. E-commerce continues to be our strongest engine, bringing benefits in both contract logistics and last-mile logistics, says Bradley Jacobs, quoted by the industry portal.
Photo: XPO logistics