XPO Logistics (NYSE: XPO) saw its shares surge more than 9% ahead of Friday’s market open as investors rushed to buy the stock following a stronger-than-expected fiscal Q1 earnings report.

The company posted earnings per share (EPS) of $0.81, beating the consensus estimates of $0.67.

Revenue came in at $2.02 billion, also above the estimated $2.01 billion.

Further, XPO Logistics saw its adjusted EBITDA margin increase to 20.9% from 16.3% compared to the same period last year.

“Our strong first quarter financial results exceeded expectations, giving us a solid start to 2024. Companywide, year-over-year, we grew revenue by 6%, adjusted EBITDA by 37% and adjusted diluted EPS by 45%,” said Mario Harik, chief executive officer of XPO.

“While we’ve made significant progress in executing our LTL 2.0 plan, we’re still in the early stages of unlocking our full potential.”

By Vahid Karaahmetovic