XPO Logistics May Tonnage Up 0.5% YoY, Poised to Beat Q2 Guidance
XPO•XPO Logistics’ LTL tonnage per day rose 0.5% year over year in May, driven by a 3.3% increase in daily shipments despite a 2.7% drop in weight per load. With June facing an easier –8.9% prior comp, the carrier is positioned to exceed its flat Q2 tonnage guidance.
1. May Tonnage Performance
In May, XPO Logistics reported a 0.5% year-over-year increase in LTL tonnage per day, reflecting a 3.3% rise in daily shipments offset by a 2.7% decline in weight per shipment as the carrier targets higher-margin SMB accounts.
2. Q2 Outlook and Seasonal Trends
The company’s second-quarter guidance calls for flat year-over-year tonnage, but outperformance in May and an easier –8.9% comparison in June suggest XPO Logistics is on track to surpass its midquarter target.
3. Yield and Margin Forecast
XPO Logistics expects contractual rate renewals to deliver mid- to high-single-digit yield growth in Q2, supporting sequential margin expansion above the typical 250–300 basis-point range and implying at least 200 basis points of year-over-year improvement.
4. Industrial Activity and Customer Mix
Industrial output has improved for five months, with the ISM Manufacturing PMI at a four-year high, while increased penetration among SMB shippers and uptake of premium services offer further upside to volumes and accessorial revenue.
