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. (symbol: RXO) is a pioneering brokered transportation platform leveraging cutting-edge technology and a nimble, asset-light business model. The core of the company's operations is its robust truck brokerage business, which stands as the largest component of its operations. RXO, Inc. further diversifies its portfolio with three asset-light, brokered transportation services that complement its primary business:
- Managed Transportation: Offering comprehensive transportation management solutions that streamline logistics and reduce costs for clients.
- Last Mile: Ensuring the efficient delivery of goods to the final destination, enhancing customer satisfaction with timely arrivals.
- Freight Forwarding: Facilitating the global movement of goods through strategic partnerships and optimized routing.
Operating predominantly within North America, RXO, Inc. maintains a singular reportable segment that underscores its focus within the transportation industry. The company is committed to innovation, continually enhancing its technology to provide superior services to its clientele.
Recent achievements highlight the company’s strategic initiatives and financial health, positioning RXO, Inc. as a leader in the transportation sector. Partnerships with key industry players and ongoing projects aimed at expanding service capabilities further underscore its market significance.
For the latest updates on RXO, Inc., including financial performance, ongoing projects, and strategic developments, stay tuned to our news section.
RXO, a leading asset-light transportation solutions provider, has launched a prepay capability for its RXO Fuel Card. This new feature allows drivers to preload funds using personal credit or debit cards, enabling better fuel spend planning and budget management. The pay-as-you-go option offers quick approval, no setup fee, and access to RXO's Fuel Card discounts.
Carriers can access the prepay interface through RXO Connect™, the company's proprietary platform. The RXO Fuel Card provides an average discount of $0.48 per gallon and is accepted at over 9,000 locations nationwide without minimum gallon requirements. Additionally, fuel card members can benefit from the RXO Extra discount marketplace, offering savings on maintenance services and tires.
RXO, a leading asset-light transportation solutions provider, has been named a 2024 SmartWay High Performer by the U.S. Environmental Protection Agency (EPA) for its dedicated transportation business. This recognition, in the Truckload / Dry Van Truck Carrier Carbon Metrics category, marks the second consecutive year RXO has achieved this status. The SmartWay program focuses on improving supply chain transportation efficiency and sustainability.
Brian Dean, president of RXO's managed transportation business, emphasized the company's commitment to customer service and supply chain sustainability. SmartWay reports that less than 10% of participating carriers achieve the efficiency levels required for recognition in reduced carbon emissions. High Performers like RXO use less fuel per mile and per ton of freight transported, directly correlating with reduced carbon emissions.
RXO, a leading asset-light transportation solutions provider, has announced a $550 million private financing through agreements with MFN Partners, LP and Orbis Investments. The company plans to use the proceeds to partially finance its pending acquisition of Coyote Logistics, UPS' truckload freight brokerage services business. The acquisition is expected to close in the first half of Q4.
The financing involves selling 20,954,780 shares of common stock at $20.21 per share and pre-funded warrants for 6,259,471 shares at $20.20 per warrant. RXO has agreed to file a registration statement for resale of the common stock and hold a special meeting for stockholder approval on warrant exercise by the end of 2024.
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.
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