GXO Logistics Q4 revenue up 9.1%

GXO Logistics increased its fourth-quarter revenue 9.1% year over year, the Greenwich, Conn.-based company said in its latest earnings report. GXO, with a market cap of $5.94 billion, reported it closed $182 million in new contracts, including Barilla , Boeing , Farfetch , Kingfisher Beer , Nike and Sharp Ninja . It also rolled out several operational warehouse technologies, including deploying several hundred pieces of tech to support volume spikes, Chief Executive Malcom Wilson said on GXO’s earnings call Wednesday. BY THE NUMBERS: GXO reported growth in revenue and other categories from 2021, while net income and diluted earnings per share declined: Q4 revenue was $2.47 billion, up 7.86% from Q3; Net income for the quarter was $46 million, down 19.3% from 2021 ; Diluted earnings per share were 39 cents for the quarter, down 18.75% from 2021 ; and Net income attributable to GXO reached $197 million for 2022 . NOTEWORTHY : The company exceeded its 2022 organic revenue growth target of 8% to 12%, hitting 15.4% in 2022 , and with $728 million adjusted EBITDA hit its target of $707 million to $742 million . Due to a free cash flow conversion of 33%, GXO paid down $50 million of debt ahead of schedule . MARKET REACTION : Shares of GXO ( NYSE: GXO ) fell 5% to $50.53 Wednesday after the earnings announcement. Shares closed Thursday at $50.07, down another 0.9%. LOOKING AHEAD : “Looking beyond the fourth quarter, our sales momentum is strong,” said Chief Commercial Officer Bill Fraine , highlighting the $2.1 billion sales pipeline in 2023 during the earnings call. “We’ve continued to win great contracts early in the first quarter of 2023,” he said. GXO’s 2022 acquisition of U.K.-based Clipper Logistics was key to the company’s growth in Q4 and continuing into 2023, CEO Wilson said. “Importantly, we’ve also signed the first of what we expect will be several significant customer contracts, combining Clipper customer relationships and GXO capability. These revenue synergies will be substantial in the coming years. They will also be above and beyond the $40 million of cost synergies,” he said.

GXO Logistics Q4 revenue up 9.1%

Q4 profit was down 19.3% from 2021

Ver.di strike to affect air cargo at several German airports

TSA to step up communication efforts ahead of rule change

Related Posts

Challenge Group launches engine dolly at LGG

New de minimis executive action targets Chinese retailers

CVC willing to bump DB Schenker bid after losing to DSV

TSA to step up communication efforts ahead of rule change

Cargo Facts Free Newsletters

Cargo Facts Connect Podcast

Follow Us

Welcome Back!

Retrieve your password