SA: GXO Logistics beats Q2 top and bottom line estimates; raises FY23 profit outlook

SEEKING ALPHA reports:

– GXO Logistics press release (NYSE:GXO): Q2 Non-GAAP EPS of $0.70 beats by $0.09.

– Revenue of $2.4B (+11.1% Y/Y) beats by $20M.

The full post is here.

Highlights:

– Second quarter revenue grew 11% year over year to $2.4 billion, and organic revenue¹ grew 3%

– Net income attributable to GXO grew 27% to $65 million; operating income increased by 68%; operating margins improved by 140 bps; adjusted EBITDA¹ grew to $190 million; diluted EPS increased to $0.54, and adjusted diluted EPS¹ to $0.70

– Raised full-year 2023 profit guidance: Adjusted diluted earnings per share raised $0.05 to $2.45-$2.65; Adjusted EBITDA¹ raised $10 million to $725-$755 million

– Reiterated 2023 guidance for organic revenue growth and free cash flow conversion

The full statement is here.

Stock flattish at $64.5 in after-hour trade.