Contract logistics company GXO (NYSE:GXO) will be reporting results tomorrow before market hours. Here's what you need to know.
GXO Logistics beat analysts' revenue expectations by 1.7% last quarter, reporting revenues of $2.46 billion, up 5.7% year on year. It was a solid quarter for the company, with an impressive beat of analysts' organic revenue estimates.
Is GXO Logistics a buy or sell going into earnings? Read our full analysis here, it's free.
This quarter, analysts are expecting GXO Logistics's revenue to grow 12.1% year on year to $2.68 billion, improving from the 11% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.55 per share.
The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. GXO Logistics has only missed Wall Street's revenue estimates once over the last two years, exceeding top-line expectations by 1.3% on average.
Looking at GXO Logistics's peers in the air freight and logistics segment, some have already reported their Q2 results, giving us a hint as to what we can expect. C.H. Robinson Worldwide delivered year-on-year revenue growth of 1.4%, meeting analysts' expectations, and FedEx reported flat revenue, in line with consensus estimates. C.H. Robinson Worldwide traded up 14.8% following the results while FedEx was also up 15.5%.
Read our full analysis of C.H. Robinson Worldwide's results here and FedEx's results here.
There has been positive sentiment among investors in the air freight and logistics segment, with share prices up 2.8% on average over the last month. GXO Logistics is up 4.8% during the same time and is heading into earnings with an average analyst price target of $68.2 (compared to the current share price of $51.27).
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