GXO Logistics ( NYSE: GXO ) stock rose in Tuesday’s extended session after exceeding Q4 earnings expectations and reaffirming its full-year guide.
For the fourth quarter, the Connecticut-based company notched $0.83 in adjusted earnings per share and $2.47B in revenue. Analysts had expected $0.75 and $2.45B, respectively. E-commerce revenue jumped 31% year over year while reverse logistics revenue rose 19%, which management credited to the integration of Clipper Logistics in mid-2022.
“For the full year, our revenue and organic revenue growth reached an all-time record and we are pleased to start 2023 with sizable opportunities in our pipeline across all verticals and geographies,” CEO Malcolm Wilson commented. “The integration of the Clipper acquisition is well underway, and we are already realizing significant cross sell opportunities, including an exciting new partnership with Farfetch ( FTCH ). We now expect to realize the full synergies from this transaction even faster than initially anticipated.”
Moving forward, the company reaffirmed guidance previously offered at a January investor event . An adjusted EPS forecast of between $2.30 and $2.50 for 2023 is essentially in-line with the $2.43 consensus while an adjusted EBITDA guide of $700M to $730M also lines up with the $716.7M consensus expectation. Organic revenue is expected to rise between 6% and 8%.
“While we expect a softer macroeconomic environment this year, our wins to date, combined with the predictability and resilience of our business, give us great confidence entering 2023,” Wilson concluded.
Shares of GXO Logistics ( GXO ) gained 3.9% shortly after the results were released.
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GXO Logistics delivers earnings beat, reaffirms full-year guide