RXO Reports Over 10% Increase in August Truckload Gross Profit Per Load
RXO (NYSE:RXO) reported a more than 10% increase in its truckload gross profit per load for August compared to July, surpassing the company's previous outlook shared during its second-quarter earnings call. The transportation and brokerage services firm noted that approximately half of its full-truckload volume came from spot freight in early Q3. RXO is continuing to implement higher contract rates while leveraging scale to control purchasing costs. Despite ongoing softness in freight demand, the company maintained its third-quarter truckload volume outlook for a low-to-mid single-digit year-over-year increase. Drew Wilkerson, chairman and CEO of RXO, attributed this performance to the strength of their brokerage platform and customer relationships. The update was released ahead of an investor conference where key executives were scheduled to speak. RXO has not yet finalized its third-quarter results due to ongoing quarter-end closing procedures.
Tickers: $RXO
Topics: Brokerage Services Gross Profit Growth Transportation