GXO

Layoffs hit more than 900 workers tied to freight industry across US

More layoffs have hit freight-related companies across the U.S., with 948 job cuts recently announced by companies in Arizona, California, Colorado, Florida and New York.

It is the fourth wave of layoffs across the nation’s supply chain industry since early October, according to firms filing Worker Adjustment and Retraining Notification (WARN) Act notices.

Over the past eight weeks, companies announcing job cuts or facility closures include Amazon, GXO, UPS, DHL, Kuehne+Nagel, Advance Auto Parts,...

https://www.freightwaves.com/news/layoffs-hit-more-than-900-workers-tied-to-freight-industry-across-us

GXO Logistics CEO Malcom Wilson to retire

GXO Logistics CEO Malcolm Wilson will retire next year after leading the company since 2021, GXO announced Tuesday.

Wilson informed GXO’s board of directors that he plans to retire in 2025 but will continue to lead the company during the search for his successor, according to a news release.

“My time at GXO has been the highlight of my three decades in logistics,” Wilson said in a statement. “We have an outstanding organization that embraces new technologies, keeping us at the forefront of the...

https://www.freightwaves.com/news/gxo-logistics-ceo-malcom-wilson-to-retire

Over 2,400 layoffs hit supply chain-related firms across US

Layoffs continue across the freight and logistics industry, with 2,402 job cuts announced by companies in Arizona, California, Georgia, Illinois, Missouri, Ohio and Texas over the past three weeks.

True Value Co.

Hardware wholesaler True Value Co. filed for Chapter 11 bankruptcy Oct. 14 and plans to sell the majority of its assets to competitor Do it Best for $153 million.

The Chicago-based company operates as a member-owned wholesaler cooperative that sells products to hardware sellers, garden...

https://www.freightwaves.com/news/over-2400-layoffs-hit-supply-chain-related-firms-across-us

GXO Logistics sees ‘more normal’ freight market returning

GXO Logistics Inc. sees an upward trend in the global freight market in 2025, encouraged by its growing customer base and organic sales growth in the third quarter.

“We definitely are feeling that we’re out of the trough that we’ve been in for the last 12 months, and we’re getting back to a more normal kind of growth type of metric,” CEO Malcolm Wilson said during a call with analysts Tuesday. “We’re definitely building for a much stronger 2025.”

Greenwich, Connecticut-based GXO Logistics (NYSE:...

https://www.freightwaves.com/news/gxo-logistics-sees-more-normal-freight-market-returning

GXO Logistics posts record quarterly revenue of $3.16B

GXO Logistics Inc. reported record quarterly performance Monday, with revenue surging 28% year over year to $3.16 billion.

Adjusted third-quarter earnings per share was 79 cents, compared with 69 cents for the third quarter in 2023.

The results exceeded Wall Street expectations for the quarter, which had estimated revenue of $3.03 billion and adjusted EPS at 78 cents per share.

For full-year 2024, GXO’s guidance expects organic revenue growth of 2% to 5%; adjusted EPS of $2.73 to $2.93; and...

https://www.freightwaves.com/news/gxo-logistics-posts-record-quarterly-revenue-of-3-16b

Over 600 layoffs hit supply chain firms in California, Illinois and New York

More layoffs were announced by companies in the freight and logistics industry, with firms in California, Illinois and New York reducing head count and closing facilities in recent weeks.

Amazon

E-commerce giant Amazon is closing a fulfillment center in Chicago and laying off 211 employees, the company said in a filing with the Illinois Department of Commerce.

The company will begin laying off employees at the fulfillment center on Nov. 13.

Officials for Amazon (NASDAQ: AMZN) said the company...

https://www.freightwaves.com/news/over-600-layoffs-hit-supply-chain-firms-in-california-illinois-and-new-york

eBook: Agility Today X Resilience Tomorrow

Tech-enabled logistics solutions don’t just help you reduce costs, lower workforce constraint risk, and drive sustainability—they can fuel growth, transform the way you operate, help you reach consumers in new ways and boost your bottom line. To ensure you can realize your desired outcomes, you’ll need a partner with the right experience, expertise and technology—and that’s GXO.

Download the Agility Today X Resilience Tomorrow eBook to learn how companies are partnering with GXO to achieve...

https://www.freightwaves.com/news/ebook-agility-today-x-resilience-tomorrow

GXO Logistics sees upward trend in global freight market

GXO Logistics Inc. reported a strong performance in the second quarter, with revenue surging 19% year over year to $2.8 billion.

Adjusted quarterly earnings per share was 55 cents, compared with 70 cents for the first quarter in 2023.

Wall Street expectations had called for second-quarter earnings of 57 cents per share and revenue of $2.72 billion.

Company officials said they are on track to sign a record amount of new business this year and believe the freight market is on an upward trend...

https://www.freightwaves.com/news/gxo-logistics-sees-upward-trend-in-global-freight-market

With 2 private placements, Jacobs’ QXO has $5 billion to spend

Brad Jacobs’ next venture is ready to start acquiring companies, backed by a war chest of $5 billion.

With two recent private placements completed or soon to be done, QXO now has that amount in hand and no debt to pursue acquisitions in a building products industry that was described late last year as “highly fragmented” and includes some 7,000 distributors in North America and an additional 13,000 in Europe.

Jacobs is chairman and CEO of QXO (NASDAQ: QXO). He also was the founder of the XPO...

https://www.freightwaves.com/news/with-2-private-placements-jacobs-qxo-has-5-billion-to-spend

GXO Logistics’ Q1 revenue increases 6% to $2.46B

GXO Logistics came out with first-quarter revenue and earnings in line with Wall Street estimates, delivering a solid start to the year amid a “sluggish environment,” CEO Malcolm Wilson said.

“Companies are starting to restock; we can see that from the dialogue we have with our customers,” Wilson said during a call with analysts Wednesday before the market opened. “I think we’ve seen the bottom of the destocking environment. What we’re clearly evidencing is that customers, in order to meet their...

https://www.freightwaves.com/news/gxo-q1-logistics-earnings

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