Persbericht

GXO Logistics reports third quarter 2022 results

Greenwich, USA  |  november 08, 2022

An automated robot manipulates packaging of various forms at a GXO warehouse.

Belangrijke prestaties

  • Third quarter revenue of $2.3 billion, up 16% year-over-year; including organic revenue growthi of 16%; net income attributable to GXO of $63 million; adjusted EBITDAi of $192 million; diluted EPS of $0.53 and adjusted diluted EPSi of $0.75
  • 2022 FY guidance reiterated, including 12-16% organic revenue growth and adjusted EBITDA of $715-$750 million

Business Highlights

  • Year to date wins of $977 million, with a robust sales pipeline of approximately $2.0 billion. $497 million in incremental revenue for 2023 secured by the end of 3Q 20222
  • Revenue retention rate consistently in the mid-to-high 90s since spin
  • Regulatory approval received for the acquisition of Clipper Logistics; integration has commenced
  • Reduced net leveragei to 2.1x with investment grade balance sheet
  • Investor Days confirmed for January 12, 2023 in New York and January 17, 2023 in London

GXO Logistics, Inc. (NYSE: GXO) today announced results for the third quarter ended September 30, 2022.

Malcolm Wilson, Chief Executive Officer of GXO, said, “In the third quarter, we once again posted strong operating and financial results and were pleased to deliver our highest-ever quarterly revenue, together with net income3 of $63 million and 19% year-over-year growth in our adjusted EBITDA. We continued to gain market share across verticals and geographies, with particular strength in consumer packaged goods, technology, and industrials, as demand continues to grow from both existing and new customers looking to improve productivity and reduce costs. With receipt of final regulatory approval from the U.K.’s Competition and Markets Authority for our acquisition of Clipper Logistics, integration is underway, and we anticipate realizing the lion’s share of the planned cost synergies in 2023 and 2024.

“We look forward to closing out the year on a high note, with expected topline and margin growth, and are reaffirming our full-year guidance. With the holiday season upon us, we are seeing a smoother peak, as inventory and labor are more readily available, and are laser focused on ensuring a successful holiday season for our customers.

“Looking beyond peak, we are confident for 2023 and expect to deliver notable growth. Our global pipeline is strong, our conversion rates remain high, and demand for the types of technology we provide is only accelerating. Based on our wins to date, we’ve already secured nearly half of a billion dollars of incremental revenue for next year, further strengthening our visibility for 2023. Amidst a dynamic macroeconomic environment, there are significant benefits to being a pure-play contract logistics provider, with long-term, contractual relationships that include inflation pass-throughs and minimum volume guarantees. We are excited to present our long-term vision to drive superior returns for our shareholders at our Investor Day.”

Third Quarter 2022 Results

Revenue increased to $2.3 billion, compared with $2.0 billion for the third quarter 2021. Net income attributable to GXO was $63 million, compared with $72 million for the third quarter 2021. Third quarter 2021 net income reflected a $42 million one-time tax benefit related to the spin. Diluted earnings per share was $0.53, compared with $0.62 for the third quarter 2021.

Adjusted net income attributable to GXOi was $89 million, compared with $65 million for the third quarter 2021. Adjusted diluted earnings per sharei was $0.75, compared with $0.56 for the third quarter 2021.

Adjusted earnings before interest, taxes, depreciation and amortization (“adjusted EBITDAi”) increased to $192 million from $162 million in the third quarter 2021.

GXO generated $116 million of cash flow from operations, compared with $105 million for the third quarter 2021. In the third quarter 2022, GXO generated $47 million of free cash flowi, compared to $50 million for the third quarter 2021.

During the third quarter 2022, GXO won new customer contracts expected to contribute $158 million in annualized revenue. The new customer contracts GXO won through the third quarter 2022 are expected to contribute $497 million in incremental revenue in 2023.

2022 Guidance4

GXO is reiterating its full-year 2022 guidance, as follows:

  • Organic revenue growthi of 12%-16%
  • Adjusted diluted earnings per sharei of $2.70-$2.90
  • Adjusted EBITDAi of $715 million to $750 million
  • Return on invested capitali of greater than 30%
  • Free cash flowi of approximately 30% of adjusted EBITDAi

Teleconferentie

GXO will hold a conference call on Wednesday, November 9, 2022, 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: 13733392. 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 23, 2022. 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 13733392.

Over GXO Logistics

GXO Logistics, Inc. (NYSE: GXO) is 's werelds grootste leverancier van contractlogistiek die profiteert van de snelle groei van e-commerce, automatisering en outsourcing. GXO streeft ernaar een gevarieerde werkplek van wereldklasse te bieden aan meer dan 130.000 teamleden op meer dan 950 magazijnlocaties met een totale oppervlakte van ongeveer 200 miljoen vierkante meter. Het bedrijf werkt samen met 's werelds toonaangevende blue-chip bedrijven om complexe logistieke uitdagingen op te lossen met technologisch geavanceerde supply chain en e-commerce oplossingen, op schaal en met snelheid. Het hoofdkantoor van GXO is gevestigd in Greenwich, Conn., VS. Bezoek GXO.com voor meer informatie en neem contact op met GXO op LinkedIn, Twitter, Facebook, Instagram en YouTube.

Media Contacten

Investors

Chris Jordan

+1 (203) 536 8493

[email protected]

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 margin

Reconciliation of net income to adjusted EBITA and adjusted EBITA margin

Reconciliation of net income to adjusted net income and adjusted net income per share

Other reconciliations

Liquidity reconciliations

Return on invested capital

Reconciliation of net income to trailing twelve months adjusted EBITA

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