RXO Announces Results for First-Quarter 2024, Including Double-Digit Brokerage Volume Growth for Fourth-Consecutive Quarter

Press Release | Charlotte, NC | May 2, 2024

  • Brokerage volume increased by 11% year-over-year, with full-truckload volume growth of 8% and less-than-truckload volume growth of 29% year-over-year
  • Brokerage and companywide gross margin improved every month as the quarter progressed
  • Companywide gross margin of 17.4%; brokerage gross margin of 14.2%
  • Companywide sales pipeline the largest it has been in four years

CHARLOTTE, N.C. — May 2, 2024 — RXO (NYSE: RXO) today announced its financial results for the first quarter of 2024.

Drew Wilkerson, chief executive officer of RXO, said, “RXO continued to deliver exceptional brokerage volume growth and strong margin performance in the first quarter of 2024, despite persistent softness in the freight market. Our brokerage business achieved double-digit volume growth for the fourth-consecutive quarter, with gross margin of 14.2%. Our complementary services continued to perform well, and our companywide sales pipeline is the largest it’s been in four years.

“We remain focused on gaining profitable market share, making strategic investments and staying disciplined on cost,” Wilkerson said. “In the first quarter, gross margin increased every month, and we enter the second quarter with improved momentum. We expect to deliver a significant increase in adjusted EBITDA sequentially. RXO is well positioned to continue to outperform and deliver significant earnings growth when the market improves.”

Companywide Results

RXO’s revenue was $0.9 billion for the first quarter, compared to $1.0 billion in the first quarter of 2023. Gross margin was 17.4%, compared to 18.7% in the first quarter of 2023. 

The company reported a first-quarter 2024 GAAP net loss of $15 million, compared to $0 of net income in the first quarter of 2023. The first-quarter 2024 GAAP net loss included $12 million in transaction, integration and restructuring costs. The adjusted net loss in the quarter was $4 million, compared to adjusted net income of $13 million in the first quarter of 2023.

Adjusted EBITDA was $15 million, compared to $37 million in the first quarter of 2023. Adjusted EBITDA margin was 1.6%, compared to 3.7% in the first quarter of 2023.

Transaction, integration and restructuring costs, and amortization of intangibles, impacted GAAP earnings per share by $0.10, net of tax. For the first quarter, RXO reported a GAAP diluted loss per share of $0.13. The adjusted diluted loss per share was $0.03.


RXO’s brokerage business grew volume 11% year-over-year in the first quarter, including full truckload volume growth of 8% and less-than-truckload volume growth of 29%. Brokerage gross margin was 14.2% in the first quarter.

Brokerage contract volume increased by 18% year-over-year in the first quarter.

The company expects brokerage volumes to continue to grow on a year-over-year basis in the second quarter of 2024.

Complementary Services

RXO’s complementary services gross margin was 20.6% for the quarter, down 20 basis points year-over-year. Loads provided by RXO’s managed transportation business to its brokerage business increased year-over-year.

Second-Quarter Outlook

RXO expects second-quarter 2024 companywide adjusted EBITDA to be between $24 million and $30 million. The company expects second-quarter 2024 brokerage gross margin to be between 13% and 15%.

Conference Call

The company will hold a conference call and webcast on Thursday, May 2 at 8 a.m. Eastern Daylight Time. Participants can call in toll-free (from U.S./Canada) at 1-888-259-6580; international callers dial +1-416-764-8624. The conference ID is 34295742.

A live webcast of the conference call will be available on the investor relations area of the company’s website, http://investors.rxo.com. A replay of the conference call will be available through May 23, 2024, by calling toll-free (from U.S./Canada) 1-877-674-7070; international callers dial +1-416-764-8692. Use the passcode 295742#. Additionally, the call will be archived on http://investors.rxo.com.

For the full press release, click here.

About RXO

RXO (NYSE: RXO) is a leading provider of asset-light transportation solutions. RXO offers tech-enabled truck brokerage services together with complementary solutions including managed transportation, freight forwarding and last mile delivery. The company combines massive capacity and cutting-edge technology to move freight efficiently through supply chains across North America. The company is headquartered in Charlotte, N.C. Visit  RXO.com  for more information and connect with RXO on  Facebook, X (FKA Twitter),  LinkedIn,  Instagram  and  YouTube

1 For definitions of non-GAAP measures see the “Non-GAAP Financial Measures” section in the full press release.

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