GXO Reports Preliminary Q1 2024 Results, Revenue Of $2.5B, Est $2.375B; Updates Its 2027 Financial Targets
Portfolio Pulse from Benzinga Newsdesk
GXO reported preliminary Q1 2024 results with revenue of $2.5B, surpassing estimates of $2.375B. The company faced a net loss of $36M, largely due to a $63M expense from legacy litigation. Cash reserves stood at $423M. GXO updated its 2027 financial targets, projecting an organic revenue CAGR of 10% leading to $15.5B-$16.0B in revenue, and an adjusted diluted EPS CAGR of over 15%.
April 24, 2024 | 11:16 am
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GXO exceeded Q1 2024 revenue expectations and updated its 2027 financial targets, aiming for significant growth despite a recent net loss due to litigation expenses.
GXO's surpassing of revenue estimates for Q1 2024 indicates strong operational performance, which is likely to positively influence investor sentiment in the short term. The net loss due to litigation expenses is a concern, but the company's optimistic 2027 financial targets, including significant revenue and EPS growth, suggest a positive outlook. This combination of exceeding expectations and setting ambitious future targets can be expected to have a favorable impact on GXO's stock price in the short term.
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