Gxo reports third quarter 2023 results

Highlights third quarter revenue grew 8% year over year to $2.5 billion , and organic revenue 1 grew 3% net income attributable to gxo grew to $66 million ; operating income increased by 25% ; operating margins improved by 49 basis points; and adjusted ebitda 1 grew to $200 million cash flow from operations of $243 million in 3q 2023 compared to $116 million in 3q 2022; 3q 2023 free cash flow 1 of $191 million compared to $47 million in 3q 2022 updated full-year 2023 guidance 2 : adjusted diluted earnings per share 1 upgraded from $2.45-$2.65 to $2.55-$2.65 adjusted ebitda 1 upgraded from $725-$755 million to $730-$755 million organic revenue growth 1 revised from 6-8% to 2-4% free cash flow conversion 1 of approximately 30% of adjusted ebitda reiterated business highlights signed new business wins of $841 million year to date; $181 million of new business wins in 3q 2023, almost half of which came from companies outsourcing their operations secured incremental 2024 revenue from new business wins of $520 million, and incremental 2025 revenue of $187 million, through 3q 2023 sales pipeline remains at approximately $2 billion closed the acquisition of pfsweb on october 23, 2023 greenwich, conn., nov. 07, 2023 (globe newswire) -- gxo logistics, inc. (nyse: gxo) today announced results for the third quarter 2023.
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