XPO Logistics Announces Fourth Quarter and Full Year 2016 Results
posted by AJOT | Feb 22 2017 at 09:19 AM | Logistics
Reports fourth quarter records for net income, cash flow from operations, adjusted EBITDA and free cash flow
Reaffirms full year targets for 2017 and 2018 adjusted EBITDA, and issues two-year, cumulative free cash flow target of approximately $900 million
GREENWICH, Conn. - XPO Logistics, Inc. (NYSE: XPO) today announced financial results for the fourth quarter and full year 2016. For the fourth quarter of 2016, revenue increased 10.0% year-over-year to $3.68 billion. Net income attributable to common shareholders was $27.3 million for the quarter, or earnings of $0.22 per diluted share, compared with a net loss attributable to common shareholders of $62.8 million, or a loss of $0.58 per diluted share, for the same period in 2015.
Adjusted net income attributable to common shareholders, a non-GAAP financial measure, was $29.8 million, or adjusted earnings of $0.24 per diluted share for the fourth quarter of 2016, excluding the items detailed below. This compares with an adjusted net loss attributable to common shareholders of $23.1 million, or an adjusted loss of $0.21 per diluted share, for the same period in 2015. Reconciliations of non-GAAP financial measures used in this release are provided in the attached financial tables.
The adjusted net income attributable to common shareholders for the quarter excludes: $34.9 million, or $21.8 million after-tax, of integration and rebranding costs; $16.5 million, or $10.1 million after-tax, of non-cash debt extinguishment costs related to the sale of the truckload unit; a benefit of $33.0 million, or $20.0 million after-tax, from unrealized gains on foreign exchange; and a $9.6 million benefit to our tax liability due to lower tax rates enacted in France.
Adjusted earnings before interest, taxes, depreciation and amortization ("adjusted EBITDA"), a non-GAAP financial measure, improved to $291.1 million for the quarter, excluding $34.9 million of transaction, integration and rebranding costs. This compares with $217.6 million for the same period in 2015.
For the full year 2016, the company generated $625.4 million of cash flow from operations and $210.9 million of free cash flow, a non-GAAP financial measure.