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Focused

XPO Logistics 3Q18: Still on the Prowl for M&A

Earnings Note: 05 Nov 2018, 10:13 PM ET - XPO’s strong 3Q18 print demonstrated solid growth across its various transportation offerings reflecting a robust freight market environment. M&A so far this year has been muted but discussions have ramped up following weaker valuations.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.
Focused

Transportation 2018 Outlook: Market perform

Sector Outlook: 07 Feb 2018, 5:02 AM ET - Steady global growth, rebounding US industrial production and resilient consumer confidence provide support for a positive year ahead, but NAFTA remains a wildcard that could derail the sector’s high confidence.
Focused

XPO Logistics: One-Notch Upgrade from Moody's

Worth Watching: 22 Oct 2017, 9:07 AM ET - XPO Logistics (sr.unsecureds B1/BB-) had its senior unsecured ratings upgraded one notch by Moody's to B1. The rating agency also upgraded its Corporate Family Rating (CFR) by a notch to Ba3, from B1, and affirmed XPO's senior secured term loan ..

July 2017 US Company Recommendation Changes

US Company Recommendation Changes: 01 Aug 2017, 11:00 AM ET - Our monthly report provides executive summaries for the twenty-two company recommendation changes made on US companies during the month of July.
Focused

XPO Logistics: Next Round of M&A? Move to U/P

Worth Watching: 18 Jul 2017, 10:07 PM ET - XPO Logistics  (B2/B+): With XPO's net leverage already tracking at the mid-point (3.6x) of its long-term net leverage range of 3.0x to 4.0x, the company is now gearing up for the next round of M&A and recently announced its intention to raise ..
Focused

XPO 4Q16: Record Results, Positive Outlook

Earnings Note: 23 Feb 2017, 5:39 PM ET - XPO ended the year on a solid note by posting record 4Q16 results, driven by strong growth in Last Mile and LTL business. The company reaffirmed its 2017 and 2018 EBITDA targets as well as its long-term net leverage target. We maintain O/P.

Upcoming NY IG & HY Conferences

Announcement: 29 Nov 2016, 8:54 PM ET - Join us in New York on Tuesday, December 13, 2016 for our upcoming conferences.
Focused

XPO 3Q16: Strong Execution, Maintain O/P

Earnings Note: 06 Nov 2016, 10:03 AM ET - XPO continued its positive trajectory after posting another quarter of strong results, reflecting the benefits from its recent acquisitions. Proceeds from its recently divested truckload business are expected to be used for debt reduction.

Sector Update: June 2016 - US Industrials

Sector Weightings: 13 Jul 2016, 4:06 AM ET - Our Sector Update provides  June monthly performance data and updated recommendations for the Industrial sectors. 
Focused

XPO 1Q16: LTL Surprise; Mixed Freight Tran. Trends

Earnings Note: 05 May 2016, 5:59 AM ET - XPO’s positive momentum continues, but this is largely on the synergy and managerial front.  Underlying freight transportation fundamentals remain mixed, extending concerns about XPO’s greater asset intensity.

April 2016 Company Coverage Initiated

Company Coverage Initiated: 01 May 2016, 8:54 PM ET - Our monthly report provides executive summaries for the fourteen company on which we launched coverage in the US, Europe, and Asia during the month of April.
Focused

XPO Logistics: Constructive Outlook; Initiate O/P

Company Spotlight: 19 Apr 2016, 12:04 AM ET - Given a constructive outlook, we initiate coverage with an Outperform on the short-dated XPO and CNW bonds, Outperform on the longer-dated XPO bonds, and Market perform on the CNW 2034s.

Freight/Rail/Logistics: 2016 Outlook

Sector Outlook: 05 Jan 2016, 11:26 PM ET - The freight/rail/logistics group is likely to Underperform.  Expect FRL leverage to increase.  Rail pricing power remains intact, but volume is more likely to surprise to the downside than upside.

J.B. Hunt 3Q15: Margin Improvement For All Segments

Earnings Note: 15 Oct 2015, 6:00 AM ET - JBHT reported good results on core pricing gains and cost control. Volume generally improved, but management characterized customer demand as tepid. The balance sheet remains very strong with adjusted net debt-to-EBITDARP at 1.0x.

Con-way: XPO to Acquire CNW For $3 billion

Worth Watching: 09 Sep 2015, 9:06 PM ET

July 2015 Sector Update: Industrials

Sector Weightings: 06 Aug 2015, 1:34 PM ET - Our July sector overview provides the latest monthly performance data for the Industrials sectors.  Additionally, this month features a discussion of the sector level impacts of rising interest rates.

Using the New E-Mail Alerts System

Announcement: 18 Feb 2015, 11:28 PM ET - CreditSights launched its new beta e-mail Alerts system on  Mon, February 23rd. A new interface allows users to manage their e-mail  Alerts. This is a user guide for managing your e-mail Alerts in the new system.

Announcing CreditSights' New E-Mail Alerts System

Announcement: 12 Feb 2015, 11:27 PM ET - CreditSights announced the launch of its new beta e-mail Alerts system on Monday, February 23rd. Your previous e-mail Alert preferences will be carried over into the new beta e-mail Alerts system.

Freight/Rail/Logistics: 2015 Outlook

Sector Outlook: 13 Jan 2015, 12:15 AM ET - The FRL group performs well in a risk off environment. The rails have strong balance sheets with pension and lease-adjusted net debt to EBITDA of 1.7x.  They are solid cash generators, with predictable earnings and below-average event risk.

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