XPO Sees First-Quarter Earnings Coming in Below Expectations
Late Thursday, XPO Logistics (NYSE: XPO) forecast that first-quarter results would come in below expectations and warned that the COVID-19 pandemic could "materially and adversely affect our business." The company intends to release finalized results on May 4. During the quarter, the company is calling off plans to sell significant parts of its business, and investors are eager to hear more about how it's holding up during the pandemic.
Going into earnings season, investors expected that shipping stocks would be impacted by the pandemic, but the exact hit was unknown. On Thursday, trucking company Old Dominion Freight Line posted results that met expectations, though it saw business deteriorate late in the quarter and get even worse in April.
Image source: XPO Logistics.
Source Fool.com
