GXO announces second quarter 2022 results

GXO

GXO has reported its second quarter 2022 results. The company reported second quarter revenue of $2.2bn, up 15% y-o-y. Net income attributable to GXO was $51 million, compared with $11 million for the second quarter 2021. GXO also reported operating income of $59m, up from $22m the previous year.

According to GXO, it saw its highest ever quarterly business wins of $475m, with over $1bn of incremental revenue contracted for 2022, the equivalent of 14% of 2021 revenue. The company also reported a further $500m contracted for 2023 and $200m for 2024.

Chief Executive Officer at GXO Malcolm Wilson commented: “We continue to benefit from durable tailwinds, and the demand for our cutting-edge automated solutions is only growing stronger as customers increasingly look to GXO to help navigate supply chain complexity, elevated inventory levels, and high inflation. As a result of our highest-ever new business wins, combined with our first half achievements, we are pleased to raise our guidance once again.”

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

• Organic revenue growth of 12%-16% (previously 11%-15%)
• Adjusted diluted earnings per share of $2.70-$2.90 (unchanged)
• Adjusted EBITDA of $715m to $750m (previously $707m to $742m)
• Return on invested capital of greater than 30% (unchanged)
• Free cash flow of approximately 30% of adjusted EBITDA (unchanged)

The company also reported that it had closed the acquisition of Clipper Logistics.

Source: GXO 

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