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GXO reports third quarter 2024 results

Greenwich, USA  |  Novembre 04, 2024

  • Third quarter revenue increased 28% year over year to a record $3.2 billion, with organic revenue growth of 3%
  • Signed approximately $750 million in annualized revenue year to date; on track to win a record level of new business in 2024
  • Sales pipeline increased 30% year over year to $2.4 billion and stands at a two-year high
  • Reaffirmed full-year 2024 guidance

GXO Logistics, Inc. (NYSE: GXO) today announced results for the third quarter 2024.

Malcolm Wilson, chief executive officer of GXO, said, “We have increasing momentum in our business. In the third quarter, we delivered our highest-ever quarterly revenue of $3.2 billion, reflecting growth of 28% year over year, along with sequential improvement in organic revenue growth and strong free cash flow.

“We signed $226 million of new business wins, bringing year-to-date wins to about $750 million. Our sales pipeline stands at its highest level in more than two years, and we are on track to deliver a record year for new business wins in 2024.

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

“Our performance gives us confidence in the acceleration of our organic growth in 2025 and beyond. GXO is well positioned to capitalize on the secular supply chain trends of complexity, ecommerce, automation and outsourcing, and to deliver long-term profitable growth.”

Third Quarter 2024 Results

Revenue increased to $3.2 billion, up 28% year over year, compared with $2.5 billion for the third quarter 2023. Organic revenue1 grew by 3%.

Net income was $35 million, compared with $68 million for the third quarter 2023. Diluted earnings per share was $0.28, compared with $0.55 for the third quarter 2023.

Adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDA1”) was $223 million, compared with $200 million for the third quarter 2023. Adjusted diluted EPS1 was $0.79, compared with $0.69 for the third quarter 2023.

GXO generated $198 million of cash flow from operations, compared with $243 million for the third quarter 2023. In the third quarter of 2024, GXO generated $110 million of free cash flow1, compared with $191 million of free cash flow1 for the third quarter 2023.

Cash Balances and Outstanding Debt

As of September 30, 2024, cash and cash equivalents (excluding restricted cash), debt outstanding and net debt1 were $548 million, $2.8 billion and $2.2 billion, respectively.

Guidance

The company reaffirms its guidance for the full year 20242 as follows:

  • Organic revenue growth1 of 2% to 5%;
  • Adjusted EBITDA1 of $805 million to $835 million;
  • Adjusted diluted EPS1 of $2.73 to $2.93; and
  • Adjusted EBITDA1 to free cash flow1 conversion of 30% to 40%.

Conference Call

GXO will hold a conference call on Tuesday, November 5, 2024, 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: 13749227. A live webcast of the conference will be available on the Investor Relations area of the company’s website, investors.gxo.com. The conference will be archived until November 19, 2024. 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 13749227.

A proposito di GXO Logistics

GXO Logistics, Inc. (NYSE: GXO) è il più grande provider pure-player di contract logistics del mondo che capitalizza la rapida crescita dell'e-commerce e dell'automazione. GXO offre un ambiente di lavoro diversificato e di livello mondiale a più di 130.000 membri del team in oltre 970 siti per un totale di circa 18,5 milioni di metri quadrati. L'azienda collabora con le principali aziende blue-chip del mondo per risolvere complesse sfide logistiche con soluzioni tecnologicamente avanzate per la supply chain e l'ecommerce. GXO ha sede a Greenwich, Connecticut, USA. Per ulteriori informazioni, visitare il sito GXO.com per maggiori informazioni e collegatevi con GXO su LinkedIn, X, Facebook, Instagram e YouTube.

Contatti

Contatto per gli investitori

Chris Jordan

+1 (203) 769-7228

[email protected]

Contatti per i media

Matthew Schmidt

+1 (203) 307-2809

[email protected]

Condensed Consolidated Statements of Operations

Condensed Consolidated Balance Sheets

Condensed Consolidated Statements of Cash Flows

Disaggregation of Revenue

Reconciliation of Net Income to Adjusted EBITDA and Adjusted EBITDA Margins

Reconciliation of Net Income to Adjusted EBITA and Adjusted EBITA Margins

Reconciliation of Net Income to Adjusted Net Income and Adjusted Earnings Per Share

Other Reconciliations

Liquidity Reconciliations

Return on Invested Capital

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