October 31, 2018 / 8:30 PM / a year ago

XPO customer bankruptcy dents quarterly earnings, outlook

Oct 31 (Reuters) - XPO Logistics Inc, one of the largest global freight transportation and warehousing companies, on Wednesday reported a big jump in quarterly profit but its shares fell almost 5 percent after it cut it earnings forecast due to the bankruptcy of the House of Fraser, a customer.

Earnings attributable to common shareholders were up more than 75 percent to $100.8 million, or 74 cents per share, for the third quarter. That included a 7-cent per share charge related to the 169-year-old British department store entering administration, an insolvency procedure similar to U.S. bankruptcy, in August.

XPO cut its 2018 target for adjusted earnings before interest, taxes, depreciation and amortization to around $1.585 billion, from at least $1.6 billion previously, to reflect the charge.

Shares in XPO dropped 4.9 percent to $85.01 in after-hours trading. (Reporting by Lisa Baertlein in Los Angeles Editing by Phil Berlowitz)

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