Global Xpress Outbound Logistics (GXO Logistics) Ltd, an air and ocean freight forwarder, has reported that its customers are doing well despite the economic slowdown. This company is based in Mumbai, India. In an interview with a local news channel, GXO Logistics CEO Sanjay Balgobin revealed that his company’s performance was still on track despite the global slowdown. In fact, his company was even doing better than expected in this period.
The Economy is doing Well Despite Wall Street’s Concerns
Despite Wall Street’s fears that the economy is heading for a downturn, GXO Logistics customers are doing well, CEO Malcolm Wilson told CNBC’s Jim Cramer on Tuesday.
we just finished our quarter … almost half a billion dollars in new customer contracts signed, and our business growing at 20% over the last quarter. That’s a true statement of the economy. Wilson stated in an interview with “Mad Money” that they are doing well.
The supply chain management firm exceeded Wall Street expectations in its latest quarter, as announced after the bell on Tuesday. GXO’s adjusted earnings came in at 68 cents versus an estimated 62 cents. Profits are higher than expected with $2.16 billion against an expected $2.11 billion.
Wilson Mentioned that GXO’s Customers—They’re in Industries
Wilson mentioned that GXO’s customers—who operate in industries such as automotive, e-commerce, technology, and healthcare—aren’t slowing down plans in light of an anticipated economic slowdown.
We’re seeing our customers, big blue-chip international organizations, who want to continue investing for the future, he said, noting that the company has built 90 new warehouses in the last 12 months. “It gives me a sense that they are optimistic about the future, and we are optimistic with them,” he said.