RXO Sees Truckload Gross Profit Per Load Jump 10%+ in August, Beating Outlook
RXO sits 91% above its 52-week low of $10.425.
Summary
RXO reported stronger-than-expected quarter-to-date truckload gross profit per load, with August up more than 10% versus July and ahead of the guidance given on the Q2 earnings call. Spot business made up about half of full-truckload volume in the first two months of Q3, and the company is phasing in higher contract rates while leveraging scale to buy transportation effectively. Management reiterated expectations for Q3 truckload volume to rise low-to-mid single digits year-over-year despite soft freight demand. This is a positive intra-quarter update that suggests margin improvement is tracking ahead of plan, though final results remain subject to quarter-end closing.
At the time of this announcement, RXO was trading at $19.94 on NYSE in the Trade & Services sector, with a market capitalization of approximately $3.3B. The 52-week trading range was $10.43 to $29.90. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: BusinessWire.