RXO Inc. reports Q3 adjusted EPS 1c, consensus 4c

Reports Q3 revenue $1.4B, consensus $1.43B. CEO Drew Wilkerson said, “Market conditions tightened late in Q3 as truckload capacity exits accelerated, which impacted both our buy rates and Brokerage gross margin. We also saw a further weakening of demand across our business as the quarter progressed. Both of these dynamics have continued into Q4. As we navigate this market, everyone at RXO remains focused on delivering results for our customers, carriers, employees and shareholders. RXO is well positioned because of our scale as the third-largest brokered transportation provider in North America and the strategic decisions we’ve made this year. Our best-in-class technology is enabling us to realize the benefits of our larger scale, and our new cost initiatives are expected to yield more than $30M of savings. We have an exceptional track record of profitable growth across market cycles, and our asset-light business model is poised to generate strong cash flow over the long term.”