GXO reports first quarter 2023 results

Greenwich, USA  |  Mai 09, 2023

Earnings Q1 23 pic 2


  • Record first quarter revenue of $2.3 billion, up 12% year over year; organic revenue growth1 of 7%; net income attributable to GXO of $25 million; adjusted EBITDA1 of $158 million; diluted EPS of $0.21 and adjusted diluted EPS1 of $0.49
  • Full-year 2023 profit guidance raised:
    • Adjusted diluted EPS raised $0.10, now expected to be $2.40-$2.60
    • Adjusted EBITDA raised $15 million, now expected to be $715-$745 million

Business Highlights

  • Sales pipeline grows to approximately $2.3 billion, up from fourth quarter 2022
  • Strong first half momentum in new wins, including signing GXO’s largest-ever annual revenue contract
  • Incremental 2023 revenue of $782 million secured through the first quarter
  • Revenue retention rate remains in the mid-to-high 90s
  • First quarter e-commerce revenue up 34% year over year; reverse logistics revenue up 50% year over year
  • Record operational tech deployment, up 64% year over year
  • Expanded GXO Direct product to UK; rollout to Continental Europe planned later this year

GXO Logistics, Inc. (NYSE: GXO) today announced results for the first quarter 2023.

Malcolm Wilson, Chief Executive Officer of GXO, said, “We’ve had a great start to the year, with strong top- and bottom-line results showcasing the strength and predictability of our business. In the first quarter, we delivered record revenue of $2.3 billion, up 12 percent year over year; $25 million of net income attributable to GXO; and $158 million of adjusted EBITDA, reflecting stellar operational performance.

“We’ve kicked off the year by signing exciting new partnerships and expanding relationships across multiple verticals and markets, with several transformative projects coming to fruition. Our new project with Sainsbury’s, a leading grocery retailer in the UK, is the largest annual revenue contract awarded in GXO’s history and represents nearly $1 billion in lifetime value. Through the end of April, we’ve secured over $800 million of incremental revenue for 2023, while bringing our pipeline to a near-record level.

“We saw increased outsourcing and automation in the quarter. Operational tech was up a record 64 percent year over year, and we are accelerating our deployment of artificial intelligence, which boosts productivity significantly. We also continued to make strong progress on our key initiatives: we are seeing the benefits of our central efficiencies program sooner than expected, and the integration of Clipper is largely complete, allowing GXO to accelerate the expansion of GXO Direct, our industry-leading shared-user solution, to the UK.

“Our first quarter performance, strong wins, growing pipeline, and excellent execution put us squarely on track for achieving our raised 2023 guidance and delivering our 2027 targets. It’s an exciting year, and we see significant opportunity to take share and grow our business.”

First Quarter 2023 Results

Revenue increased to $2.3 billion, up 12% year over year compared with $2.1 billion for the first quarter 2022. Organic revenue grew by 7%.

Operating income increased to $42 million, up 14% year over year compared with $37 million for the first quarter 2022.

Reflecting the impact of non-operational items, including foreign exchange rates, interest expense, and reduced pension income, net income attributable to GXO was $25 million, compared with $37 million for the first quarter 2022. Diluted earnings per share was $0.21, compared with $0.32 for the first quarter 2022.

Adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA1”) increased to $158 million from $155 million in the first quarter 2022.

Adjusted net income attributable to GXO1 was $59 million, compared with $68 million for the first quarter 2022. Adjusted diluted earnings per share1 was $0.49, compared with $0.59 for the first quarter 2022.

GXO generated $39 million of cash flow from operations, compared with $46 million for the first quarter 2022. In the first quarter of 2023, GXO used $43 million of free cash flow1 compared to $16 million for the first quarter 2022, reflecting typical seasonality.

Cash Balances and Outstanding Debt

As of March 31, 2023, cash and cash equivalents and debt outstanding were $426 million and $1,781 million, respectively, as part of GXO’s investment grade balance sheet.

2023 Guidance

GXO’s current 2023 financial outlook is as follows:

  • Organic revenue growth1 of 6% to 8%;
  • Adjusted EBITDA1 of $715 million to $745 million (raised from $700 million to $730 million);
  • Free cash flow1 conversion of approximately 30% of adjusted EBITDA1; and
  • Adjusted diluted earnings per share1 of $2.40 to $2.60 (raised from $2.30 to $2.50).

Conference Call

GXO will hold a conference call on Wednesday, May 10, 2023, at 8:30 a.m. Eastern Time. Participants can call toll-free (from US/Canada) 877-407-8029; international callers dial +1 201-689-8029. Conference ID: 13737653. A live webcast of the conference will be available on the Investor Relations area of the company’s website, The conference will be archived until May 24, 2023. To access the replay by phone, call toll-free (from US/Canada) 877-660-6853; international callers dial +1 201-612-7415. Use participant passcode 13737653.

Über GXO Logistics

GXO Logistics, Inc. (NYSE: GXO Logistics, Inc. (NYSE: GXO) ist der weltweit größte reine Kontraktlogistikanbieter, der vom schnellen Wachstum von E-Commerce, Automatisierung und Outsourcing profitiert. GXO ist bestrebt, rund 130.000 Mitarbeitenden an mehr als 970 Standorten mit einer Gesamtfläche von rund 18,5 Millionen Quadratmeter einen vielfältigen, erstklassigen Arbeitsplatz zu bieten. Das Unternehmen arbeitet mit weltweit führenden Blue-Chip-Unternehmen zusammen, um komplexe logistische Herausforderungen mit technologisch fortschrittlichen Supply-Chain- und E-Commerce-Lösungen in großem Umfang und mit hoher Geschwindigkeit zu lösen. Der Hauptsitz von GXO befindet sich in Greenwich, Connecticut, USA. Besuchen Sie GXO.comfür weitere Informationen und verbinden Sie sich mit GXO auf LinkedIn, Twitter, Facebook, Instagram und YouTube.



Chris Jordan

+1 (203) 536 8493

[email protected]


Matthew Schmidt

+1 (203) 307-2809

[email protected]

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