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Building supply company QXO (NYSE:QXO) was conceived and built by entrepreneur Brad Jacobs. News that he's starting yet another company might have spooked investors, but instead, it's helping to drive QXO shares higher today.
At 11:05 a.m. ET, the stock was trading higher by 16.7%.
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QXO also released preliminary third-quarter results today. The reason investors cheered the news of Jacobs' new venture was that it came with word that he would continue to serve as chairman and CEO of QXO. And his strategy is taking hold there.
Preliminary results showed 79% year-over-year sales growth at QXO as it executes its acquisitive strategy to grow into a leading building products supplier and distributor. Jacobs has said he expects to achieve $50 billion in annual revenue. After buying Kodiak Building Partners and TopBuild Corp. earlier this year, sales reached nearly $5 billion in the quarter.
Jacobs should be at the helm at least until QXO reaches its lofty sales goal. In announcing a separate $1 billion investment to launch a new venture called CKX Lands, Jacobs stated, "I love building multibillion-dollar market leaders, and this $1 billion investment marks the launch of my ninth company. After concluding my chairmanships of XPO, GXO, and RXO last year, I now have the capacity to create this new venture while continuing to lead QXO to its massive potential."
That's great news for QXO. It's a reason for optimism in the stock, along with showing the strong growth reported from the business.
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Howard Smith has positions in QXO. The Motley Fool has positions in and recommends QXO. The Motley Fool recommends GXO Logistics, RXO, and XPO. The Motley Fool has a disclosure policy.
Why Did QXO Stock Soar Monday? was originally published by The Motley Fool
