GXO Logistics customers are still doing well even as Wall Street fears that the economy is headed for a downturn, CEO Malcolm Wilson told CNBC’s Jim Cramer on Tuesday.
“We just finished our quarter … nearly half a billion dollars of new customer contracts signed, and our business growing at 20% organic revenue. That’s a real statement of the economy. I think we’re doing well,” Wilson said in an interview 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 compared to an estimated 62 cents. Revenue came in at $2.16 billion dollars compared to an expected $2.11 billion.
Wilson said that GXO’s customers – who operate in industries such as automotive, e-commerce, technology and healthcare – aren’t letting concerns about an economic slowdown halt their plans for the future.
“What we’re seeing is our customers, big blue-chip international organizations, they’re wanting to continue to invest for the future,” he said, noting that the company has installed 90 new warehouses in the last 12 months.
“To me, that gives me a sense that they’re optimistic for the future, and we’re optimistic with them,” he added.
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Source: https://www.cnbc.com/2022/08/02/gxo-logistics-customers-are-doing-well-despite-economic-slowdown-buzz-ceo-says.html