GXO Logistics (NYSE: GXO) came out with first-quarter revenue and earnings in line with Wall Street estimates, delivering a solid start to the year amid a "sluggish environment" CEO Malcolm Wilson said.
"Companies are starting to restock; we can see that from the dialogue we have with our customers" Wilson said during a call with analysts Wednesday before the market opened. "I think we've seen the bottom of the destocking environment. What we're clearly evidencing is that customers, in order to meet their plans, they're going to need to start restocking through the course of the year. That's a good sign for us. But I do want to level set; overall it's a sluggish environment in 2024."
GXO reported a 6% year-over-year increase in revenue to $2.46 billion during the first quarter. Adjusted quarterly earnings per share (EPS) was 45 cents, compared with 49 cents for the first quarter in 2023.
Wall Street expectations had called for first-quarter earnings of 45 cents per share and revenue of $2.37 billion.
Greenwich, Connecticut-based GXO is one of the largest pure-play contract logistics providers in the world. GXO has more than 970 facilities totaling approximately 200 million square feet, with a global workforce of more than 130,000 people.
GXO posted a net loss of ...
Full story available on Benzinga.com
https://Benzinga.com