RXO (NYSE:RXO) said its truckload gross profit per load increased by more than 10% in August compared with July, exceeding the outlook provided during its second-quarter earnings conference call.
The truck brokerage and transportation services company said spot freight accounted for approximately 50% of its full-truckload volume during 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.
Third-quarter truckload volume outlook maintained
The company maintained its expectation for third-quarter truckload volume to increase by a low-to-mid single-digit percentage year over year.
RXO provided the forecast despite what it described as continuing 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 update was issued ahead of an investor conference where Wilkerson and Chief Strategy Officer Jared Weisfeld were scheduled to speak.
RXO said its third-quarter results have not yet been finalised and remain subject to quarter-end closing procedures.
RXO stock price
