RXO reports Q2 adjusted EPS 8c, consensus 8c

Reports Q2 revenue $963M, consensus $1.01B. Drew Wilkerson, CEO of RXO, said, “RXO executed well in a soft freight market. In our brokerage business, we continued to gain significant market share and recorded 10 percent volume growth year-over-year. We set several brokerage volume records in the quarter, including total volume, quarterly loads per day and monthly loads per day. Companywide and brokerage gross margin remained strong at 18.6% and 15.4%, respectively.” “Our margin performance was the result of continued customer and carrier adoption of RXO’s cutting-edge, AI-enabled technology, including our industry-leading pricing algorithms,” Wilkerson said. “Ninety-six percent of RXO’s orders in the quarter were created or covered digitally and 78% of carriers using our technology returned to our platform within seven days.”