GXO Logistics customers doing well despite economic downturn buzz, CEO says

GXO Logistics customers are still doing well even as Wall Street fears the economy is headed for a slowdown, CEO Malcolm Wilson told CNBC’s Jim Cramer on Tuesday.

“We just ended our quarter…nearly half a billion dollars in new contracts signed with customers, and our business is growing at 20% organic revenue. That’s a true statement from the economy. I think we’re doing well,” Wilson said in an interview. on “Mad Money”.

The supply chain management company beat Wall Street expectations in its latest reported quarter after the closing bell on Tuesday. GXO reported adjusted earnings of 68 cents versus around 62 cents. Revenue reached $2.16 billion versus $2.11 billion expected.

Wilson said GXO customers — who operate in industries including automotive, e-commerce, technology and healthcare — aren’t letting worries about an economic downturn stop their plans for the future.

“What we see are our customers, large, blue-chip international organizations, they want to keep investing for the future,” he said, noting that the company has installed 90 new warehouses over the past few years. last 12 months.

“For me, that makes me feel like they’re optimistic about the future, and we’re optimistic with them,” he added.

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