Shares of GXO Logistics Inc. (NYSE:GXO) surged 8.68% in pre-market trading on Tuesday after the logistics company reported better-than-expected revenue for the third quarter of 2024, though earnings per share fell short of analyst estimates.
GXO posted Q3 revenue of $3.16 billion, up 28% year-over-year and exceeding Wall Street's expectations by 5.3%. The strong top-line growth was driven by new contract wins and increased demand for the company's logistics services.
However, GXO's net income declined 50% to $33 million, translating to earnings per share of $0.28 that missed consensus estimates of $0.56. The company cited higher costs and supply chain headwinds as factors weighing on profitability.
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