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

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

“We just ended the quarter… almost half a billion dollars in new client contracts, and our business is growing at 20 percent organic revenue,” Wilson said in an interview. It’s a factual statement of the economy. I think we’re doing well” on “Crazy money. “

The supply chain management firm beat Wall Street expectations in its latest quarter reported after the closing bell on Tuesday. GXO adjusted earnings of 68 cents against an estimate of 62 cents. Revenue came in at $2.16 billion versus $2.11 billion expected.

Wilson said that GXO’s customers – who operate in industries like autos, e-commerce, technology and healthcare – don’t let recession concerns get in the way of their plans for the future. future.

“What we are seeing is our customers, big international blue-chip institutions, they want to keep investing for the future,” he said, noting that the company has installed 90 new warehouses. in the past 12 months.

“For me, it gives me the feeling that they are optimistic about the future and we are optimistic about them,” he added.

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