RXO reported that its truckload gross profit per load increased by more than 10% in August compared with July, exceeding the outlook provided during its second-quarter earnings call. The truck brokerage and transportation services company said spot freight accounted for approximately 50% of its full-truckload volume during the first two months of the third quarter. RXO continued to phase in higher contract rates while using its scale to manage transportation purchasing costs. The company maintained its expectation for third-quarter truckload volume to increase by a low-to-mid single-digit percentage year over year, despite continuing softness in freight demand. CEO Drew Wilkerson said RXO is on pace for a strong third quarter, citing the power of its brokerage platform and customer relationships. The update was issued ahead of an investor conference, and RXO noted that third-quarter results are not yet finalised.
RXO Inc.RXO reports August truckload gross profit per load up over 10%, exceeding outlook, with spot freight at 50% of volume and maintained volume growth expectation.
