May 4, 2020 / 8:35 PM / a month ago

XPO Logistics reports sharp profit drop, pulls 2020 forecasts

LOS ANGELES, May 4 (Reuters) - XPO Logistics Inc reported a sharp decline in quarterly profit and pulled its 2020 forecasts on Monday after the novel coronavirus pandemic pummeled demand for consumer and business deliveries.

The transportation and warehousing company said first-quarter net income attributed to common shareholders tumbled to $21 million, or 20 cents per share, from $43 million, or 37 cents per share, a year earlier. Revenue fell to $3.86 billion from $4.12 billion.

The results prompted executives at Greenwich, Connecticut-based XPO to suspend 2020 financial forecasts. (Reporting by Lisa Baertlein in Los Angeles; Editing by Tom Brown)

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