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    Joseph Lawrence Hafling • Jefferies LLC

    Joseph Lawrence Hafling's questions to XPO Inc (XPO) leadership

    Joseph Lawrence Hafling's questions to XPO Inc (XPO) leadership • Q2 2025

    Question

    Joseph Hafling, on behalf of Stephanie Moore at Jefferies, asked about the pricing outlook for the second half of the year, specifically if the pace of sequential yield improvement can continue and if the high single-digit growth in the local channel is sustainable.

    Answer

    CFO Kyle Wismans confirmed that XPO expects yield excluding fuel to continue improving sequentially in both Q3 and Q4. He projected Q3 year-over-year yield growth to be at or above the level seen in Q2. Wismans noted that the local channel initiative still has a significant runway, as the company is in the low-to-mid 20% range of its 30% revenue share goal, supporting sustained yield growth.

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    Joseph Lawrence Hafling's questions to United Parcel Service Inc (UPS) leadership

    Joseph Lawrence Hafling's questions to United Parcel Service Inc (UPS) leadership • Q2 2025

    Question

    Joseph Hafling of Jefferies asked for management's perspective on speculation that peak season might be muted or may have already occurred due to pre-tariff shipping, and requested an update on current shipper inventory levels.

    Answer

    CEO Carol Tomé responded that based on her conversations with other CEOs, 'no one's telling me they're not gonna have a peak,' although they are not yet able to quantify it due to macro uncertainty. She emphasized that UPS is prepared for any scenario, whether volume is up or down, thanks to the enhanced network agility resulting from the strategic pivot away from lower-quality Amazon volume. An executive added that peak season operations are highly variable, allowing for efficient scaling.

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    Joseph Lawrence Hafling's questions to Forward Air Corp (FWRD) leadership

    Joseph Lawrence Hafling's questions to Forward Air Corp (FWRD) leadership • Q4 2024

    Question

    Joseph Hafling of Jefferies questioned the drivers behind the decline in Expedited Freight shipments, the cause of the segment's sequential margin deterioration, and the outlook for its long-term margin potential.

    Answer

    CEO Shawn Stewart attributed the volume decline to the broad macro slowdown affecting all market participants. He explained the margin compression was caused by a freight mix shift toward less profitable, class-based tariff customers due to a pricing misstep in mid-2024, which is now being corrected. CFO Jamie Pierson added that while not providing guidance, the segment's historical performance and superior service levels compared to peers suggest a strong margin potential remains.

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    Joseph Lawrence Hafling's questions to GXO Logistics Inc (GXO) leadership

    Joseph Lawrence Hafling's questions to GXO Logistics Inc (GXO) leadership • Q4 2024

    Question

    Joseph Lawrence Hafling of Jefferies inquired about the specifics of the $15 million Q1 EBITDA impact from customer capacity realignments, asking about the profitability of the lost business, backfill timing, and whether this was a one-off event or a potential structural trend.

    Answer

    CFO Baris Oran clarified that the impact is a short-term, one-off event due to a timing mismatch between highly mature sites exiting and new start-ups ramping up. He detailed three specific instances, including one where a new customer has already been secured for a vacated site, and another where the customer is simultaneously opening four new sites with GXO in 2025. He emphasized these are not lost customers and the underlying business performance remains healthy.

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