GXO Logistics, Inc. (NYSE:GXO) shares are trading higher after the company reported second quarter revenue of $2.85 billion, up 19% Y/Y, beating the consensus of $2.73 billion.

Organic revenue rose 2% in the quarter. The company secured about $270 million in annualized revenue from new business wins.

GXO's pipeline reached a new twelve-month high of $2.3 billion. Adjusted EBITDA came in at $187 million, compared to $190 million in the same period a year earlier.

Adjusted EPS declined to $0.55 from $0.70 a year ago but came above the consensus of $0.54.

GXO generated $115 million in cash flows from operations and a free cash flow of $31 million during the quarter.

As of June-end, cash and cash equivalents stood at $469 million, with outstanding debt at $2.8 billion.

Malcolm Wilson, chief executive officer of GXO, said, "We're particularly proud of our growth in Germany, where we've started operations on our 20-year contract with Levi's and signed a new deal with Tchibo, a leading retailer and coffee distributor."

"During the quarter, we also completed our acquisition of Wincanton, which will provide a platform for GXO to grow in aerospace & defense and industrials across Europe."

FY24 Outlook Reaffirmed: The company continues to expect organic revenue growth of 2% to 5%, adjusted EBITDA of $805 million-$835 million, adjusted EPS of $2.73 to $2.93 (vs. cons. of $2.78), and free cash flow conversion of 30% to 40% of adjusted EBITDA.

Investors can gain exposure to the stock via Invesco S&P Spin-Off ETF (NYSE:CSD) and Motley Fool Small-Cap Growth ETF (BATS:TMFS)

Price Action: GXO shares are up 1.11% at $49.90 at the last check Tuesday.

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