Trucking

XPO Tracking Q3 Guidance With August Tonnage Growth

Less-than-truckload carrier XPO reported a 7% year-over-year increase in August tonnage, keeping the company aligned with third-quarter guidance for mid-single-digit volume growth. Daily shipments rose 5.7% while weight per shipment declined 1.8%, a deceleration from July's 5.8% tonnage increase. On a two-year stacked basis—which smooths prior-year comparisons—all volume metrics improved in August versus July. This suggests sustained seasonal outperformance beyond normal trends. Manufacturing activity remained in expansion territory with the ISM's Manufacturing PMI at 54.6 in August. The carrier's shift toward smaller accounts is contributing to lighter shipments despite stronger unit volumes. XPO's adjusted operating ratio guidance for the third quarter appears positioned to hold as rate renewals in Q2 increased mid-to-high single digits, with the company expecting sequential yield improvements through year-end.