GXO Logistics posts record quarterly revenue of $3.16B

GXO Logistics Inc. reported record quarterly performance Monday, with revenue surging 28% year over year to $3.16 billion.

Adjusted third-quarter earnings per share was 79 cents, compared with 69 cents for the third quarter in 2023.

The results exceeded Wall Street expectations for the quarter, which had estimated revenue of $3.03 billion and adjusted EPS at 78 cents per share.

For full-year 2024, GXO’s guidance expects organic revenue growth of 2% to 5%; adjusted EPS of $2.73 to $2.93; and adjusted earnings before interest, taxes, depreciation and amortization of $805 million to $835 million.

Net income in the third quarter declined 48% year over year to $35 million. Adjusted EBITDA was $223 million, compared with $200 million for the third quarter of 2023.

The Greenwich, Connecticut-based GXO Logistics (NYSE: GXO) is one of the largest pure-play contract logistics providers in the world. GXO has more than 970 facilities totaling approximately 200 million square feet, with a global workforce of more than 130,000 people.

The company signed $226 million in new business in the third quarter, bringing year-to-date new business to about $750 million, according to a news release.

Malcolm Wilson, CEO of GXO Logistics, said the e-commerce industry was strong in the third quarter.

“We’re seeing increasing demand for e-commerce capacity. This is a long-term structural tailwind that has been a key growth driver for us over the past five years,” Wilson said in a statement. “More than half of our new wins in the third quarter originated from e-fulfillment, and we also opened the largest e-commerce warehouse in France, in partnership with one of our long-term customers.”

GXO will hold a conference call with analysts at 8:30 a.m. on Tuesday.