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Sep 30, 2023
RXO Q3 2023 Earnings Report
RXO executed well, achieving a record number of brokerage loads per day and double-digit brokerage volume growth for the second consecutive quarter.
Key Takeaways
RXO's revenue was $1.0 billion, compared to $1.1 billion in the third quarter of 2022. The company reported a GAAP net loss of $1 million, compared to net income of $13 million in the third quarter of 2022. Brokerage volume grew 18 percent year-over-year.
Brokerage volume grew 18 percent year-over-year.
Full-truckload brokerage volume increased 13 percent year-over-year and less-than-truckload volume increased 55 percent year-over-year.
Companywide gross margin was 17.7 percent; brokerage gross margin was 15.1 percent.
Brokerage contract volume increased by 30 percent year-over-year.
Revenue by Segment
Forward Guidance
The company expects brokerage volumes to continue to grow on a year-over-year basis in the fourth quarter of 2023.
Positive Outlook
- Brokerage volumes are expected to continue to grow
- Strong brokerage sales pipeline
- Increased brokerage sales pipeline by 115 percent since the third quarter of 2021
- Last mile business grew EBITDA year-over-year
- Company continues to expect to grow full-year last mile EBITDA year-over-year
Challenges Ahead
- Market remains soft
- Monitoring the freight markets closely
- GAAP net loss of $1 million, compared to net income of $13 million in the third quarter of 2022
- Adjusted EBITDA was $26 million, compared to $66 million in the third quarter of 2022
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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