RXO reports August truckload gross profit per load rose over 10%

RXO (NYSE: RXO), a truck brokerage and transportation services company, said its truckload gross profit per load rose by more than 10% in August compared to July, exceeding the outlook the company provided during its second-quarter earnings conference call.

The company said spot freight represented approximately 50% of its full-truckload volume through the first two months of the third quarter. RXO said it continued to phase in higher contract rates while using its scale to manage transportation purchasing costs.

RXO maintained its expectation that third-quarter truckload volume will increase by a low-to-mid single digit percentage year-over-year, despite what it described as ongoing softness in freight demand.

"RXO is on pace for a strong third quarter," said Drew Wilkerson, chairman and chief executive officer. "This performance speaks to the power of our brokerage platform, the strength of our customer relationships and our team's ability to execute in a dynamic freight market."

The announcement was made ahead of an investor conference where Wilkerson and Chief Strategy Officer Jared Weisfeld were scheduled to speak. The company noted that third-quarter results have not been finalized and are subject to quarter-end closing procedures.

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