RXO finds positives in quarter marked by soft market and profit loss
With another quarter of operating and net losses in the book, RXO management on its first-quarter earnings call pursued several paths to accentuate the positive.
There was really only one question on the call about when the giant 3PL might return to profitability, even though it would not take a major turnaround in markets for black ink to replace red ink.
But if the analysts didn't seem overly concerned about the performance of RXO, Wall Street was. Even on a day when equities overall rose, RXO stock at 12:30 p.m. was down 5.31%, to $13.03 (NYSE: RXO). The 52-week low of $12.19 was recorded April 21. RXO shares are down either side of 35% for both the year and the past three months.
The positives that RXO management highlighted on the call started with the pace of implementing and digesting the acquisition of Coyote Logistics from UPS, a deal that closed in September. But various key performance indicators also came in for positive mentions.
CEO Drew Wilkerson, addressing the financial performance of the company, noted that earnings before interest, taxes, depreciation and amortization of $22 million was in line with what RXO management had projected earlier. RXO also recorded an operating loss of $30 million, compared to an operating loss of $12 million in 2024's first quarter. The net loss of $31 million translated to diluted earning per share of negative 18 cents. It was negative 13 cents a year ago.
Chief Strategy Officer Jared Weisfeld, in prepared remarks on the call, said RXO's brokerage volume was down 1% year over year, which he said was better than the company's expectations.
Big gains in LTL
And all of it, he said, came from its LTL business, which saw volume up 26% year over year – 'the result of successfully onboarding new customers.'
RXO's LTL business was 25% of its volume in the first quarter, which was up 500 basis points compared to the first quarter of 2024.
With those kinds of gains in the LTL business in a market growing nowhere near the size of the gains at RXO, an analyst asked Wilkerson how it's managing to grab market share.
It isn't price, he said: 'If you're looking for price as a lever, that's not how we do business. We want to price in line with the overall market.'
Wilkerson then laid out the broad view: 'The biggest thing that we're seeing right now is that a lot of times LTL can be a pain point for customers. It's a small piece of their revenue spend, and it's a small piece of their overall volume. But when you talk about tracking, when you talk about claims that come in, you talk about lost shipments, you talk about working with multiple different carriers for something that's a small piece of their business. They're familiar with us from the service that we've provided from the truckload side. So we're winning with large enterprise customers that are coming to us and giving us the opportunity to service LTL in addition to truckload. We're just getting started in LTL.'
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