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NEW YORK - QXO, Inc. (NYSE:QXO) reported fourth quarter 2024 results that missed analyst expectations, but shares rose 2% as the company highlighted its robust financial position. The building products distribution technology firm posted a loss of -$0.02 per share, falling short of the $0.06 profit analysts had forecast. Revenue came in at $14.74 million, slightly below the consensus estimate of $15 million.
Despite the earnings miss, QXO emphasized its strong balance sheet, which includes over $5 billion in cash and no debt. This financial strength is enabling the company to pursue acquisitions in the $800 billion building products distribution industry.
"We are making significant strides in establishing QXO as a tech-forward leader in the $800 billion building products distribution industry," said Brad Jacobs, chairman and CEO of QXO. "Our strong balance sheet, including more than $5 billion of cash and no debt, is enabling our world-class leadership team to pursue high-value M&A opportunities."
Total (EPA:TTEF) revenue for the quarter was $14.7 million, essentially flat compared to the same period in 2023. Software (ETR:SOWGn) product revenue increased 7.3% YoY to $5.0 million, while service and other revenue declined 3% to $9.8 million.
The company reported net income of $11.3 million for the quarter, which included $61.4 million in interest income. Adjusted EBITDA, a non-GAAP measure, was a loss of -$7.7 million compared to a gain of $0.7 million in the year-ago quarter. QXO attributed the decline to costs related to bringing on new senior management to execute its growth strategy.
For the full year 2024, QXO reported a loss of -$0.11 per share. Total revenue increased 4.3% to $56.9 million compared to 2023.
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