RXO, Inc. ( (RXO) ) has released its Q2 earnings. Here is a breakdown of the information RXO, Inc. presented to its investors.
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RXO, Inc. is a leading provider of asset-light transportation solutions, offering tech-enabled truck brokerage services and complementary solutions such as managed transportation and last mile delivery across North America. Headquartered in Charlotte, N.C., RXO leverages cutting-edge technology to efficiently move freight through supply chains.
In its latest earnings report, RXO announced its second-quarter financial results, showcasing a notable performance amidst a challenging freight market. The company highlighted growth in brokerage volume and last mile services, alongside a strong cash performance.
Key financial metrics from the report include a revenue increase to $1.4 billion, up from $930 million in the previous year. Despite this growth, the company reported a GAAP net loss of $9 million, influenced by transaction and restructuring costs. However, adjusted net income improved to $7 million, and adjusted EBITDA rose to $38 million, reflecting enhanced operational efficiency.
The brokerage segment saw a 1% volume increase, driven by a substantial 45% growth in less-than-truckload volume, although full truckload volume declined by 12%. Last Mile services continued their upward trajectory with a 17% increase in stops, marking the fourth consecutive quarter of double-digit growth.
Looking ahead, RXO remains focused on profitable growth and leveraging its scale and technology to drive productivity improvements. The company anticipates stable volume growth in its brokerage segment and projects adjusted EBITDA for the third quarter to range between $33 million and $43 million.