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GXO Logistics customers are doing well despite rumblings of an economic slowdown, CEO says

GXO Logistics’ customers are still doing well despite Wall Street’s fears that the economy is headed for a recession, CEO Malcolm Wilson told CNBC’s Jim Cramer on Tuesday.

“We just finished our quarter … almost half a billion dollars in new customer contracts signed, and our business is growing at 20% organic revenue. That’s a true statement of the economy. I think we’re doing well,” Wilson said in the interview. in one On “Mad Money.”

The supply chain management firm beat Wall Street expectations in its latest quarter reported after the closing bell on Tuesday. GXO saw adjusted earnings of 68 cents, down from roughly 62 cents. Revenue was $2.16 billion compared to expectations of $2.11 billion.

Wilson said GXO’s customers – in industries such as automotive, e-commerce, technology and healthcare – are not letting concerns about the economic slowdown stop them from planning for the future.

“What we’re seeing is that our customers, the big blue-chip international organizations, want to keep investing for the future,” he said, noting that the company had installed 90 new warehouses in the last 12 months.

“To me, that shows that they are optimistic about the future, and we are optimistic about them,” he added.

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GXO Logistics customers are doing well despite rumblings of an economic slowdown, CEO says

Source link GXO Logistics customers are doing well despite rumblings of an economic slowdown, CEO says

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