XPO Logistics misses by $0.10, misses on revs; guides FY19 revs below consensus; lowers FY19 EBITDA tgt; announces $1.5 bln buyback program
- Reports Q4 (Dec) earnings of $0.72 per share, excluding non-recurring items, $0.10 worse than the S&P Capital IQ Consensus of $0.82; revenues rose 4.6% year/year to $4.39 bln vs the $4.56 bln S&P Capital IQ Consensus.
- Co issues downside guidance for FY19, sees FY19 revs of +3-5% to ~$17.80-18.14 bln vs. $18.54 bln S&P Capital IQ Consensus. Adjusted EBITDA in the range of $1.650 billion to $1.725 billion, an increase of 6% to 10% year-over-year, versus the prior target of 12% to 15%; Free cash flow in the range of $525 million to $625 million, versus the prior target of approximately $650 million. On February 4, 2019, the company completed the share repurchase program announced in December 2018. A total of 18 million shares of XPO common stock were retired for approximately $1 billion ($56.09 average share price). On February 13, 2019, the company's board of directors authorized a new share repurchase program of up to $1.5 billion of XPO common stock.