LOS ANGELES: XPO Logistics Inc shares jumped almost 13per cent on Tuesday after executives said its e-commerce fulfillment, returns and home delivery businesses are thriving during the novel coronavirus crisis.
The company's shares, which topped US$114 in September 2018, jumped almost 13per cent to US$71.85 in early trading on Tuesday and were at US$69.02, up more than 8per cent, at midday. Online sales of products for home offices, home improvement and do-it-yourself projects are up, said XPO executives, who noted increased shipments of everything from home gym equipment and electronics to appliances and home and garden supplies.XPO is also the largest provider of fulfillment services for e-commerce in Europe, which is beginning to reopen after coronavirus-related business closures, they said.
The transportation and warehousing company, which does not break out e-commerce results separately, on Monday said net profit tumbled more than 51per cent in the first quarter. Its core transportation segment revenue declined almost 8per cent, due to demand destruction wrought by the pandemic and the loss of business from Amazon.
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