In its earnings statement and a call with analysts a day later, the management of diversified logistics and less-than-truckload (LTL) provider XPO Logistics Inc. (NYSE: XPO) tried to paint the company's second quarter as strong. And the company did beat Wall Street estimates.

But the performance of the company's LTL division has raised a lot of eyebrows, including those on Wall Street. On a day when equity markets overall are slightly down, XPO stock is down a lot. At 11:25 a. m., XPO was down 15.44% to $73.25.

The numbers out of XPO's LTL division were almost uniformly ugly. Pounds per day were down 19%. Shipments per day were down 15.1%. Gross revenue per shipment dropped to $282.61 from $299.84. The one bright spot and it was touted by XPO management was the increase in gross revenue per hundredweight excluding fuel, generally viewed as a proxy for yield, which was up 1.9% from the second quarter of 2019.

By comparison, Old Dominion suffered a lesser 12.1% decline in tonnage and Saia saw an 8.9% decline. In terms of operating ratio, XPO posted an adjusted operating ratio of 90.1%, while Old Dominion's operating ratio actually improved 10 basis points, to 77.8%. Saia's OR deteriorated 250 basis points to 91.5% from 89%. But the fall in XPO's OR for its LTL division was striking: on an adjusted basis, the 90.1% rate marked a deterioration of almost 10 full percentage points, or 980 basis points.