XPO Logistics Inc. missed fourth-quarter earnings & sales expectations, causing its stock to plummet around -17% Friday.
The transportation and warehousing company reported adjusted earnings of 72 cents a share, lower than analysts' expectations of 84 cents.
Quarterly revenue came in at $4.39 billion, missing analysts’ estimate of $4.56 billion. XPO indicated that reduction of business from its largest customer pulled back revenue by $46 million in the fourth quarter.
For full year 2019, XPO is predicting revenue growth in the range of 3% to 5%, with organic revenue growth of 4% to 6%. The company portends that shrinking of business from its largest customer could erode sales by roughly $600 million this year.