In its first reporting quarter as a stand-alone company, GXO Logistics Inc. posted on Monday 56 cents in third-quarter adjusted diluted earnings per share, above consensus estimates of 53 cents per share and above the 23 cents per share figure when the business was still part of XPO Logistics Inc.
Revenue rose to $2 billion, compared with $1.6 billion in the 2020 quarter when the contract logistics business that became GXO was part of XPO (NYSE:XPO). XPO spun off GXO in August. GXO (NYSE:GXO) is the world’s largest pure-play contract logistics provider.
GXO reported adjusted net income of $65 million. Adjusted net income was reported at $27 million in the 2020 quarter.
Adjusted earnings before interest, taxes, depreciation and amortization, a non-GAAP measure, increased to $163 million for the third quarter, compared with $142 million in pro forma adjusted EBITDA for the same period in 2020.
GXO also raised its pro forma full-year 2021 financial targets, with revenue forecast at $7.6 billion to $7.8 billion from $7.5 to $7.7 billion, and adjusted EBITDA of between $607 million and $637 million, up from $605 million to $635 million. The Greenwich, Connecticut-based company’s 2022 guidance remains unchanged at 8% to 12% revenue growth and adjusted EBITDA between $705 million and $740 million.
GXO shares, which rose nearly 2.3% in the regular session, were down fractionally in after-hours trading.
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