First look: RXO recorded operating and net losses in the first quarter
RXO touted the integration of Coyote Logistics in its first quarter earnings release, with higher synergies now predicted and integration moving forward.
But the finances at the 3PL were not good. RXO posted an operating loss of $30 million, compared to a $12 million operating loss in the corresponding quarter a year ago and $24 million operating loss in the fourth quarter of 2024.
Revenue comparisons year-on-year are not on an equal basis due to the Coyote acquisition, which closed in September. Revenue at RXO was $1.43 billion compared to $913 billion a year ago. But sequentially, when Coyote in the fourth quarter was part of RXO, revenue was down from $1.67 billion.
EBITDA increased from a year ago–again, no Coyote in the first quarter of 2024–but was down from the fourth quarter. EBITDA in the first quarter was $22 million, and was $42 million in the final quarter of 2024.
Net income was an 18 cents per share loss for the quarter, deteriorating from minus 13 cents a year ago and minus 12 cents sequentially.
In the prepared statement announcing the company's financial performance, CEO Drew Wilkerson said the company had reached a milestone in the Coyote integration: technology is all on one system.
The estimate on cash savings from the synergies generated by the Coyote acquisition is now up to $70 million. In the fourth quarter earnings report, the savings were forecast as $50 million.
The company's conference call is at 8 a.m. Eastern Wednesday.
The post First look: RXO recorded operating and net losses in the first quarter appeared first on FreightWaves.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
a day ago
- Yahoo
Canada pledges $25.5 million in military aid for Ukraine, including armored vehicles
Canada will provide Ukraine with over $25.5 million in military equipment, the Canadian Defense Ministry said in a statement on June 6. The country pledged to provide Ukraine with almost $22 million worth of Coyote and Bison armored vehicles, as well as new equipment and ammunition supplied by Canadian companies. It adds to Canada's earlier delivery of 64 Coyote armored vehicles, which were sent to Ukraine in December 2024. Apart from that, Canada will provide Ukraine with around $3.6 million for electronic warfare anti-jammer kits from Canada's defence industry, reads the statement. The decision was announced by Canadian Defense Minister David McGuinty during the 28th meeting of the Ukraine Defense Contact Group in the Ramstein format in Brussels on June 6. 'As a founding member of NATO, Canada believes that the alliance is the cornerstone of transatlantic security and we are moving quickly to accelerate our defense spending and increase our contributions to NATO,' McGuinty said, as quoted in the statement. 'During the meeting of NATO defense ministers, Canada reaffirmed unwavering support to Ukraine as its citizens fight for their freedom, and we look forward to working closely with allies to strengthen our collective security.' Since the start of the full-scale invasion, Canada has pledged over $19.5 billion in overall aid to Ukraine, with $4.5 billion allocated for military support, including multi-purpose drones, armored support vehicles, anti-tank weapons, small arms, M777 howitzers with ammunition. Read also: 'Find and destroy' – how Ukraine's own Peaky Blinders mastered the art of bomber drones We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Yahoo
a day ago
- Yahoo
Ohio winner claims $112 million Mega Millions jackpot in trust
CLEVELAND, Ohio (WCMH) — The lucky Ohioan who was the first Mega Millions jackpot winner under the game's new rules has claimed the multi-million dollar prize. The Ohio Lottery announced in a news release that the money won in the April 18, 2025, drawing has been placed in The Ironwood Family Trust, for which James S. Ausse, Esq., is named trustee. The winner had 180 days, or until Oct. 15, 2025, to claim the prize. The ticket, worth $112 million, was purchased at Giant Eagle, 4401 Mayfield Road in South Euclid. According to the lottery, the winner chose their own numbers, which were — 5-13-15-17-28, with the Mega Ball 1. Instead of the 30-year annuity, the winner selected the cash option of $49.3 million. A total of $35.5 million will be placed in the trust after mandatory state and federal taxes of 28%. The overhauled Mega Millions game began on April 5, with the promise of bigger jackpots, better odds and a built-in multiplier that does not cost the player extra money and improves every non-jackpot win by 2X, 3X, 4X, 5X, or 10X. The ticket price was raised from $2 to $5 per wager, however, the game was designed to have no break-even prizes, with all winning tickets totaling $10 or more. Additionally, its jackpots start at $50 million. Since joining Mega Millions, Ohio has had 21 Mega Millions jackpot winners and 65 second-tier winners of $1 million or more. The nationwide game is sold in 45 states, Washington, D.C., and the U.S. Virgin Islands. Drawings are conducted at 11 p.m. Eastern on Tuesdays and Fridays in Atlanta. The next Mega Millions drawing is Friday, June 6, at 11 p.m. The jackpot amount is currently at $223 million. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
a day ago
- Yahoo
Canada announces new aid to Ukraine worth approximately US$25.5 million
Canada is providing Ukraine with military aid worth over 35 million Canadian dollars (approximately US$25.5 million). Source: Canada's Defence Ministry press service, as reported by European Pravda Details: Canadian Defence Minister David J. McGuinty took part in the 28th meeting of the Ukraine Defence Contact Group (also known as the Ramstein Format). At the meeting, McGuinty announced that Canada is providing Ukraine with military aid worth 35 million Canadian dollars. He said that 30 million Canadian dollars (US$21.9 million) will be spent on Coyote and Bison armoured personnel carriers, as well as new equipment and ammunition from Canadian companies. This is in addition to the previous transfer of 64 Coyote armoured vehicles, which arrived in Ukraine in December 2024. Another 5 million Canadian dollars (US$3.6 million) will go towards electronic warfare kits from the Canadian defence industry. Background: At the 28th Ramstein meeting, held at NATO headquarters, Ukraine and its partner countries agreed to create a defence production mechanism. The US secretary of defence ignored the Ramstein meeting for the first time. Support Ukrainska Pravda on Patreon!
