RXO Inc Stock Price, News & Analysis

RXO, a leading asset-light transportation solutions provider, has been awarded the 2024 Quest for Quality Award from Logistics Management in the Bulk Motor Carriers category. This prestigious recognition, now in its 41st year, is the result of a six-month research project by Peerless Research Group (PRG) that evaluates carriers, ports, and logistics providers worldwide.

Lou Amo, president of RXO's brokerage business, expressed pride in the company's commitment to outstanding service, comprehensive solutions, and customer relationships. The award highlights RXO's excellence in bulk transport services, including liquid bulk, dry bulk, and ISO container shipments. This recognition reinforces RXO's position as a top performer in the transportation industry, particularly in the bulk carrier segment.

RXO reported its Q2 2024 financial results, showing Brokerage volume growth of 4% despite a soft freight market. Key highlights include:

- Companywide gross margin of 19.0%, up from 18.6% in Q2 2023
- Brokerage gross margin of 14.7%
- Last Mile stops grew 7% year-over-year
- Managed Transportation awarded over $200 million in freight under management
- Revenue of $930 million, down from $963 million in Q2 2023
- GAAP net loss of $7 million, compared to $3 million net income in Q2 2023
- Adjusted EBITDA of $28 million, down from $38 million in Q2 2023

The company expects Q3 2024 adjusted EBITDA between $28-34 million and Brokerage gross margin between 13-15%. The acquisition of Coyote Logistics is on track to close in early Q4.

RXO (NYSE: RXO) is set to release its second-quarter financial results on August 7, 2024, before the New York Stock Exchange opens. The results will be accessible on their official website, www.rxo.com.

Additionally, RXO will host a conference call at 8 a.m. EDT to discuss the results. The live webcast of the call can be accessed online, or by dialing toll-free from the U.S. and Canada at (+1) 800-549-8228, and internationally at (+1) 289-819-1520, using the conference ID: 70115.

A replay of the call will be available until August 28, 2024, by dialing +1-888-660-6264 (U.S./Canada) or +1-289-819-1325 (international) with passcode 70115#. The webcast will also be archived on their investor relations site.

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.