Contract logistics giant GXO Logistics Inc. posted strong fourth-quarter results late Tuesday, with revenue up 28% to $2.3 billion, and adjusted diluted earnings per share of 73 cents beating Wall Street estimates by 15 to 17 cents.
The Greenwich, Connecticut-based company, which was spun off from XPO Logistics Inc. (NYSE: XPO) last August, also raised its full-year 2022 earnings guidance, increasing adjusted earnings before interest, taxes, depreciation and amortization to a range of $707 million to $742 million, from a range of $705 million to $740 million. Revenue should rise between 8% and 12% from $7.9 billion reported for 2021, GXO (NYSE: GXO) said.
In the quarter, operating income rose to $63 million from $50 million in the year-earlier quarter, while adjusted net income climbed to $84 million from $49 million, GXO said. Adjusted EBITDA came in at $167 million, up from $146 million in the 2020 fourth quarter.
GXO shares, which rose 2.2% during Tuesday’s session, rallied an additional 6% to $89 a share in after-hours trading. Shares peaked at $105.92 in mid-November before declining considerably over the next two-and-a-half months to a low of $70.51 a share on Jan. 28. Shares have gained in the past two weeks.
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