GXO recorded a net loss of $36 million in the first quarter, primarily due to a one-time legacy litigation expense. Adjusted for this expense, earnings before interest, taxes, depreciation, and amortisation (EBITDA) remained relatively flat compared to the same period last year at $154 million.
Despite the modest organic revenue growth, GXO secured $250 million in new business wins during the quarter, representing a significant 55% year-over-year increase. The company highlighted success in attracting new clients, with more than half of the new wins coming from customers outsourcing or partnering with GXO for the first time.
GXO recently completed its acquisition of Wincanton and expects this acquisition to contribute to double-digit growth in adjusted earnings per share (EPS) after synergies are realised.
Looking ahead, GXO reiterated its full-year 2024 guidance, which incorporates the impact of the Wincanton acquisition. The company projects organic revenue growth of 2% to 5%, adjusted EBITDA of $760 million to $790 million, and free cash flow conversion of 30% to 40% of adjusted EBITDA.
GXO also outlined its ambitious financial targets for 2027. The company projects a 10% compound annual growth rate (CAGR) in organic revenue and a 15% CAGR in adjusted EBITDA by 2027