Contract Logistics

The acquisition of Chippenham, UK-based Wincanton, a supply chain solutions services provider across myriad vertical markets, by Greenwich, Conn.-based global contract logistics services provider GXO Logistics, has gone from pending to completed, GXO announced today.

The pending acquisition of Chippenham, UK-based Wincanton, a supply chain solutions services provider across myriad vertical markets, by Greenwich, Conn.-based global contract logistics services provider GXO Logistics appears to remain on track, according to a “scheme of arrangement” recently issued by Wincanton.

Ryder officials said that bringing Cardinal into the fold will help to enable the company’s growth and also further strengthen its position as a leading customized North American-based dedicated contract carrie

GXO officials said that with PFSweb in the fold it will expand GXO’s offering in high-growth verticals, including cosmetics and luxury goods, across North America and Europe by leveraging PFSweb’s relationships with more than 100 brands.

Second quarter revenue rose 12% annually to $2.3 billion, for a new company record. And the company reported $25 million of net income attributable to GXO, down from $37 million a year ago, and $158 million of adjusted EBITDA. Adjusted earnings per share came in at $0.49, topping Wall Street expectations of $0.44. Operating income came in at $42 million, up 14% year over year compared with $37 million for the first quarter 2022.

Second quarter revenue saw a 15% annual increase, to $2.2 billion. Net income came in at $51 million, topping the second quarter of 2011 by 78%. Adjusted EBITDA—at $176 million—topped the $161 million recorded a year ago.

GXO reported $2.0 billion, topping the $1.6 billion reported from a year ago, when it was still part of XPO Logistics (the spin-off from XPO was made official in August). And net income came in at $72 million, and basic earnings per share, at $0.63, topped last year’s $0.16. Adjusted EBITDA, at $163 million, topped last year’s $142 million.

As expected, the long-awaited spin-off of GXO Logistics from Greenwich, Conn.-based freight transportation services provider XPO Logistics was made official today. This move was originally announced by XPO in December 2020, when XPO introduced its plan to seek a spin-off of its logistics group as a standalone publicly traded company split it into two separate publicly-traded companies on the New York Stock Exchange—with one focused on global contract logistics [GXO Logistics] and the other focused on less-than-truckload (LTL) and...

Logistics Management Group News Editor recently spoke with Malcolm Wilson, CEO of XPO Logistics, Europe, and incoming CEO of GXO Logistics, soon to be XPO's standalone global contract logistics group. Wilson provided Berman with an overview of current market conditions, how XPO has responded to the COVID-19 pandemic and what is in store for GXO Logistics.

Following a December 2020 announcement, in which it rolled out its plan to seek a spin-off of its logistics group as a standalone publicly traded company split it into two separate publicly-traded companies on the New York Stock Exchange—with one focused on global contract logistics and the other focused on less-than-truckload (LTL) and truck brokerage transportation services—Greenwich, Conn.-based XPO Logistics, a provider of global freight transportation and logistics services, said today it has officially re-named its logistics group...

Greenwich, Conn.-based XPO Logistics, a provider of global freight transportation and logistics services, said that its acquisition of the majority of Kuehne + Nagel’s contract logistics operations in the UK and Ireland, which was initially announced in March 2020, is a done deal.

Significant changes may be coming for Greenwich, Conn.-based global freight transportation and logistics services provider XPO Logistics, with the company announcing today that its board of directors signed off on the approval of a plan to seek a spin-off of its logistics group as a standalone publicly traded company.