Financial Data and Key Metrics Changes - The company generated record revenue of $2.8 billion in Q2 2024, growing 19% year-over-year, with 2% organic growth [10] - Adjusted EBITDA for the quarter was $187 million, with free cash flow of $31 million, reflecting a strong financial position [10] - Net leverage was reported at 3.1x, with expectations to reduce to about 2.5x by the end of the year and less than 2x by the end of next year [10] Business Line Data and Key Metrics Changes - Organic growth was driven by strength in aerospace, data center support, and omnichannel retail, particularly in cold storage supply chain [10] - Approximately half of the new contracts signed in the quarter were for newly outsourced activities, indicating strong demand for outsourcing [8] Market Data and Key Metrics Changes - The pipeline of new business opportunities reached a 12-month high of $2.3 billion, with $270 million in new business wins during the quarter [6][7] - The company noted improvements in customer volumes across regions, particularly in the U.K. and Continental Europe, while North America remains uncertain [20][21] Company Strategy and Development Direction - The company is focused on a "land and expand" strategy, with about half of its revenue coming from customers served in multiple countries [7] - The acquisition of Wincanton is expected to enhance growth in target verticals across the U.K. and Europe, with anticipated synergies of $55 million [11][12] - The company is leveraging automation and AI to enhance operational efficiency and drive future growth [16][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2027 targets of $15.5 billion to $16 billion in revenue and $1.25 billion to $1.3 billion in adjusted EBITDA [9] - The tone of customer conversations reflects prudence in near-term growth expectations, but there are signs of improving demand, particularly in preparation for the holiday season [12][24] Other Important Information - The company is experiencing a significant increase in contract duration as customers seek long-term partnerships for complex supply chain management [35] - The deployment of humanoid robotics and AI is seen as a key differentiator in the logistics industry, with ongoing trials and implementations [15][70] Q&A Session Summary Question: Recovery in the U.K. and Europe - Management noted modest improvements in customer volumes, particularly in the U.K. and Continental Europe, while North America remains uncertain [20][21] Question: Free Cash Flow Considerations - Free cash flow was $31 million in Q2, with expectations for a step-up in the second half due to strong working capital management [25][26] Question: Transactional Volumes and Visibility - Management indicated that while North America shows sluggishness, new business activity is strong, and they expect improvements in Q4 [28][31] Question: Contract Duration and Pipeline - The average contract duration is increasing, driven by technology integration, with expectations for more long-duration contracts in the pipeline [34][36] Question: Guidance and Seasonality - Management discussed the impact of Wincanton's seasonality on margins and the expected contribution from new business wins in Q4 [38][39] Question: AI Deployments - AI deployments have increased significantly, with applications aimed at optimizing operations and improving efficiencies [70][71] Question: Impact of Wincanton Acquisition - The Wincanton acquisition is expected to have a temporary margin drag but will provide significant synergies and growth opportunities in the future [62][63]

GXO Logistics (GXO) came out with quarterly earnings of $0.55 per share, missing the Zacks Consensus Estimate of $0.57 per share. This compares to earnings of $0.70 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -3.51%. A quarter ago, it was expected that this contract logistics provider would post earnings of $0.45 per share when it actually produced earnings of $0.45, delivering no surprise. Over the last four quarters, th ...

Second quarter revenue increased 19% year over year to a record $2.8 billion, with organic revenue growth of 2% Signed new business wins of approximately $270 million in annualized revenue during 2Q 2024 Sales pipeline increased to new twelve-month high of $2.3 billion Completed Wincanton acquisition GREENWICH, Conn., Aug. 06, 2024 (GLOBE NEWSWIRE) -- GXO Logistics, Inc. (NYSE: GXO) today announced results for the second quarter 2024. Malcolm Wilson, chief executive officer of GXO, said, "In the second quar ...

After leading GXO in France, Marques returns to Spain and Portugal to drive GXO's expansion MADRID, Spain, July 15, 2024 (GLOBE NEWSWIRE) -- GXO Logistics, Inc. (NYSE: GXO), the world's largest pure-play contract logistics provider, today announced Rui Marques will return to Spain as Managing Director of GXO Iberia to continue driving the company's expansion in Spain and Portugal. Marques, who previously held this position for more than a decade, returns to GXO Spain and Portugal after leading the company's ...

MADRID, Spain, July 15, 2024 (GLOBE NEWSWIRE) -- GXO Logistics, Inc. (NYSE: GXO), the world's largest pure-play contract logistics provider, today announced Rui Marques will return to Spain as Managing Director of GXO Iberia to continue driving the company's expansion in Spain and Portugal. Paul Mohan, Managing Director of GXO in Continental Europe, said, "Rui's deep expertise and experience across the logistics sector in Europe will be invaluable in driving the future growth of GXO in Spain and Portugal. W ...

Company Overview - GXO Logistics, Inc. is the world's largest pure-play contract logistics provider, benefiting from the rapid growth of ecommerce, automation, and outsourcing [2] - The company operates over 970 facilities totaling approximately 200 million square feet and employs more than 130,000 team members [2] - GXO partners with leading blue-chip companies to address complex logistics challenges using technologically advanced supply chain and ecommerce solutions [2] Upcoming Earnings Conference - GXO Logistics will hold its second quarter 2024 earnings conference call and webcast on August 6, 2024, at 8:30 a.m. Eastern Time [1] - The earnings results will be released at 6:30 a.m. on the same day and will be available on the company's investor website [1] - Access to the conference call is available via toll-free numbers for U.S./Canada and international callers, with a specific conference ID provided [1]

Robots-as-a-Service (RaaS) agreement integrates Agility's Humanoid robots with other cobots at SPANX facility GREENWICH, Conn., June 27, 2024 (GLOBE NEWSWIRE) -- GXO Logistics, Inc. (NYSE: GXO), the world's largest pure-play contract logistics provider, and Agility Robotics, creator of the leading bipedal Mobile Manipulation Robot (MMR) Digit®, announced today that they have signed a multi-year agreement to begin deploying Digit in GXO's logistics operations. This agreement, which follows a proof-of-concept ...

GREENWICH, Conn., June 27, 2024 (GLOBE NEWSWIRE) -- GXO Logistics, Inc. (NYSE: GXO), the world's largest pure-play contract logistics provider, and Agility Robotics, creator of the leading bipedal Mobile Manipulation Robot (MMR) Digit®, announced today that they have signed a multi-year agreement to begin deploying Digit in GXO's logistics operations. This agreement, which follows a proof-of-concept pilot in late 2023, is both the industry's first formal commercial deployment of humanoid robots and first Ro ...

The UK's leading logistics firm has been nominated for the Employer of the Year Award for the second year running by Ex-Forces in Business GXO ranked among the Top 50 Employers of Veterans in 2024 GXO in the UK&I has been nominated by Ex-Forces in Business as Employer of the Year for the second year running, for its commitment to supporting colleagues who are part of the armed forces community. In 2024, GXO UK&I ranked 33rd in the top 50 Employers of Veterans in the UK identified by the Ex-Forces in Busines ...

In just over two years, GXO has been awarded both a bronze and silver covenant by the UK's Defence Employer Recognition Scheme for its proactive approach to supporting military veterans and reservists. The business has the ambition to go one step further and is striving to become a Gold Covenant employer. Colin Martin, a QHSE Manager at GXO, is also nominated for reservist of the year About GXO Logistics The UK's leading logistics firm has been nominated for the Employer of the Year Award for the second yea ...