RXO Posts $1.9 Billion Q3 Revenue, Second Straight Profitable Quarter Ahead of C.H. Robinson Deal

RXO reported third-quarter revenue of $1.9 billion, up from $1.4 billion a year earlier, and adjusted EBITDA of $51 million, exceeding its own guidance of $35 million to $45 million, the truckload brokerage said Thursday. The company, which is preparing to be acquired by C.H. Robinson, skipped its earnings call and summary slides due to the pending deal. Adjusted net income came in at 2 cents per share, marking RXO's second consecutive profitable quarter after 6 cents in the second quarter. Company-wide gross margin narrowed to 14.6% from 16.5% a year ago but improved from 13.9% sequentially, while the EBITDA margin rose to 2.7% from 2.3%. Truckload volume rose 2% year over year, with spot-market mix at 51% of volume. Last Mile stops increased 5%, and LTL volume grew 2%. CEO Drew Wilkerson said the results demonstrate "the momentum we're building across RXO."