Welcome to our dedicated page for RXO news (Ticker: RXO), a resource for investors and traders seeking the latest updates and insights on RXO stock.
RXO Inc (RXO) operates a technology-driven transportation platform specializing in truck brokerage and asset-light logistics solutions across North America. This page serves as the definitive source for verified corporate announcements, operational updates, and strategic developments impacting the transportation sector.
Investors and industry professionals will find timely updates on earnings reports, strategic partnerships, and service expansions within RXO's integrated network of managed transportation, last mile delivery, and freight forwarding solutions. Our curated news collection enables informed analysis of market positioning and operational efficiency in the competitive logistics landscape.
Key updates include leadership changes, technology implementations, and capacity adjustments within RXO's brokered transportation ecosystem. All content undergoes strict verification to ensure accuracy and relevance for financial decision-making.
Bookmark this page for streamlined access to RXO's evolving role in shaping modern freight marketplace dynamics through its digital-first approach to carrier-shipper connections.
RXO (NYSE: RXO) has announced the acquisition of Coyote Logistics from UPS for $1.025 billion in cash. This strategic transaction positions RXO as the third-largest provider of brokered transportation in North America, significantly enhancing its market position and expanding its customer base and carrier network. The deal will be immediately accretive to RXO's adjusted diluted earnings per share and free cash flow.
The acquisition is to be funded with a mix of equity and debt, including significant investments from major shareholders MFN Partners and Orbis Investments. Coyote Logistics generated approximately $3.2 billion in revenue in 2023. RXO expects to achieve annualized cost synergies of at least $25 million. The transaction is subject to customary closing conditions and regulatory approvals, with an expected close by the end of 2024.
Drew Wilkerson, CEO of RXO, has been named to the Charlotte Business Journal’s Most Admired CEO list for 2024. This accolade emphasizes his exceptional leadership, strategic direction, and innovation, which have been important in RXO's success. Under Wilkerson's leadership, RXO's brokerage business achieved four consecutive quarters of double-digit volume growth and industry-leading gross margins. Notable technological advancements include the AI-driven RXO Connect platform, which digitally handled 97% of brokerage loads in Q1 2024. Wilkerson's leadership has also earned recognition from other prestigious lists, including CBJ's 2023 40 Under 40 and Business North Carolina's Power List.
RXO (NYSE: RXO), a prominent provider of asset-light transportation solutions, has appointed Troy Cooper to its Board of Directors.
Cooper is a veteran in the transportation industry with over 11 years of experience, particularly in truck brokerage. He joined XPO in 2011, where he launched the Charlotte, N.C., truck brokerage hub in 2012 and eventually rose to roles including chief operating officer and president of global operations.
Cooper also has significant experience from his tenure at United Rentals and United Waste Systems. With Cooper's appointment, RXO's board now comprises nine directors, six of whom are independent.
RXO, a top provider of asset-light transportation solutions, has received the 'Top Digital Freight Brokerage Software of the Year' award from SupplyTech Breakthrough. This award highlights RXO's innovative technology platform, RXO Connect™, which enhances the shipping process with advanced AI and machine learning. RXO Connect™ automates freight booking, streamlines transactions for over 10,000 carriers, and provides extensive visibility for shippers and carriers. Chief Information Officer Yoav Amiel emphasized RXO's dedication to continuous improvement and industry transformation through technology.
RXO (NYSE: RXO), a leading provider of asset-light transportation solutions, has been honored with a Merit Award for HR Technology Implementation. This accolade underscores RXO's commitment to enhancing process automation and risk mitigation through the introduction of a new vendor management system. Implemented in 2024 after extensive development and testing, the system has significantly improved visibility into the contingent workforce, streamlined manual processes, and reduced administrative burdens. The technology also enhances data accuracy and supplier optimization. The Merit Awards, established in 2022, recognize excellence across various sectors, including HR.
RXO (NYSE: RXO) announced that its Chief Strategy Officer, Jared Weisfeld, will participate in the Wells Fargo Industrials Conference in Chicago, Illinois. The conference will take place on Tuesday, June 11, from 9:45 a.m. to 10:20 a.m. EDT. A live webcast and a replay of Weisfeld's presentation will be accessible on the RXO investor relations website.
RXO announced its first-quarter results for 2024, with an 11% year-over-year increase in brokerage volume. The company saw growth in full-truckload and less-than-truckload volume, with a companywide gross margin of 17.4%. Despite a net loss of $15 million, RXO remains focused on gaining market share and delivering earnings growth. The company expects continued growth in brokerage volumes and projects an adjusted EBITDA increase for the second quarter.
RXO (NYSE: RXO) will have its chief financial officer and senior market strategist participating in the Oppenheimer 19th Annual Industrial Growth Conference on May 6, 9-9:35 a.m. EDT. A webcast and replay will be available at http://investors.rxo.com.
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