Contract logistics provider GXO Logistics Inc. (NYSE: GXO) reported better-than-expected second-quarter results late Wednesday and raised its full-year outlook for earnings per share and earnings before interest, taxes, depreciation and amortization.
Second-quarter revenue grew 11% year over year to $2.4 billion, with organic revenue increasing 3%. Net income rose 27% to $65 million. Operating income increased by 68%, and adjusted diluted earnings per share of 70 cents bettered consensus estimates of 61 cents per share.
For the full year, the Greenwich, Connecticut-based company raised adjusted diluted EPS by 5 cents to a range of $2.45 to $2.65 a share. Adjusted EBITDA was raised $10 million to a range of $725 million to $755 million.
“We’re pleased to have delivered an exceptional performance in the second quarter, including double-digit top and bottom line growth,” said CEO Malcolm Wilson. “We increased our market share in the quarter, and we raised our 2023 profit guidance. We’re one of the few companies in our industry expecting to grow this year.”
The company said it signed a record $500 million in new business wins in the quarter and grew its year-over-year sales pipeline to $2.1 billion.