RXO gets negative outlook from Moody’s but keeps investment-grade rating

RXO has carried an investment-grade rating from Moody’s Investors Service since the fall of 2022, when the 3PL was spun off from XPO (NYSE: XPO)

But it is now under threat as Moody’s has changed its outlook on RXO (NYSE: RXO) to negative from stable.

At the same time, Moody’s affirmed that initial investment-grade rating of Baa3 given in 2022. The Moody’s rating is particularly notable — and valuable — to RXO because the company’s rating at competing ratings agency S&P Global (NYSE: SPGI) is...

https://www.freightwaves.com/news/rxo-gets-negative-outlook-from-moodys-but-keeps-investment-grade-rating

RXO touts performance even as numbers show impact of weak freight market

Although the financial performance at RXO improved from the third to the fourth quarter of 2023, the year-to-year comparisons showed a stark downturn, which led analyst Brandon Oglenski from Barclays to ask a question on the 3PL’s earnings call with analysts.

RXO (NYSE: RXO) management on the call was mostly upbeat. CEO Drew Wilkerson kicked off the hourlong chat by saying, “Our model delivered outperformance for 2023.”

But Oglenski, according to a transcript of the call, was focused more on...

https://www.freightwaves.com/news/rxo-touts-performance-even-as-numbers-show-impact-of-weak-freight-market

Uber Freight’s revenue and EBITDA still weak

There was little positive in the Uber Freight portion of Uber Technologies’ fourth-quarter earnings as its revenue and bottom line continue to languish. 

Earnings before interest, taxes, depreciation and amortization at the digital brokerage and TMS provider remained negative at minus $14 million and now hasn’t seen a positive number for six quarters. The last time there was black ink in Uber Freight’s EBITDA was the third quarter of 2022, when it eked out a $1 million positive EBITDA. The...

https://www.freightwaves.com/news/uber-freights-revenue-and-ebitda-still-weak

C.H. Robinson’s Q4 sees little improvement; shift at top of brokerage unit

Any rebound in the fiscal performance at 3PL giant C.H. Robinson looks to be a ways off.

Earnings for the fourth quarter of 2023, released Wednesday, had little good news, whether the comparison was with the fourth quarter a year earlier or sequentially from the third quarter, when the company named its still relatively new CEO and President David Bozeman.

Income from operations came in at $107.4 million, down 34.5% from a year earlier. But that key figure also was down from the third quarter...

https://www.freightwaves.com/news/c-h-robinsons-q4-sees-little-improvement-shift-at-top-of-brokerage-unit

C.H. Robinson says eBOL collaboration now includes 10 major LTL carriers

Third-party logistics provider C.H. Robinson announced Monday it uses electronic bills of lading with 10 of the top less-than-truckload carriers on its platform. It said it plans to implement the capabilities with an additional four carriers.

The digitization of the essential shipping document improves efficiency, minimizes errors and provides increased real-time visibility. C.H. Robinson (NASDAQ: CHRW) said 17,240 of its customers used the eBOL process last year, with even broader adoption...

https://www.freightwaves.com/news/c-h-robinson-says-ebol-collaboration-now-includes-10-major-ltl-carriers

At C.H. Robinson, it’s been a long, difficult trip

googletag.cmd.push(function() { var gptSlot = googletag.defineSlot(‘/21776187881/FW-Responsive-Main_Content-Slot1’, [[728, 90], [468, 60], [300, 100], [320, 50]], ‘div-gpt-ad-b1-i-fw-ad-1’).defineSizeMapping(gptSizeMaps.banner1).setCollapseEmptyDiv(true).addService(googletag.pubads());
gptAdSlots.push(gptSlot);
});

googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-b1-i-fw-ad-1’); });

On Jan. 3, 2023, the transportation world awoke to the news that Bob Biesterfeld, president and CEO...

https://www.freightwaves.com/news/at-c-h-robinson-its-been-a-long-difficult-trip

Supreme Court rejects review in broker liability case, leaving the issue unresolved

The Supreme Court has again rejected a review of the question of broker liability in a case involving the death or injury of a person struck by a truck that was booked by a 3PL.

However, unlike the case of Miller v. C.H. Robinson, this rejection is considered a victory for the brokerage industry.

In a long list of denials of certiorari posted Monday, the court without comment said it would not review the appeal brought by Ying Ye, the widow of a man killed in 2017 in an accident in Texas. Ye’s...

https://www.freightwaves.com/news/supreme-court-rejects-review-in-broker-liability-case-leaving-the-issue-unresolved

C.H. Robinson’s new CEO doubling down on lean management, large language models

googletag.cmd.push(function() { var gptSlot = googletag.defineSlot(‘/21776187881/FW-Responsive-Main_Content-Slot1’, [[728, 90], [468, 60], [300, 100], [320, 50]], ‘div-gpt-ad-b1-i-fw-ad-1’).defineSizeMapping(gptSizeMaps.banner1).setCollapseEmptyDiv(true).addService(googletag.pubads());
gptAdSlots.push(gptSlot);
});

googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-b1-i-fw-ad-1’); });

When C.H. Robinson (NASDAQ: CHRW) announced its next CEO was Ford executive Dave Bozeman, insiders...

https://www.freightwaves.com/news/ch-robinson-ceo-bozeman-interview-chrw

GlobalTranz wants Supreme Court to punt on broker liability issue

GlobalTranz wants the Supreme Court to let more time pass and possibly more legal decisions to come down before the nine justices weigh in on the question of broker liability.

That GlobalTranz would argue against the high court granting certiorari review to the appeal of Ying Ye is not surprising. Ye’s case against GlobalTranz for its actions in hiring Global Sunrise, the carrier involved in a 2017 accident that killed her husband, failed in both the U.S. District Court for the Northern District...

https://www.freightwaves.com/news/globaltranz-wants-supreme-court-to-punt-on-broker-liability-issue

Join Our Newsletter
Enter your email to receive a weekly round-up of shipping news.
icon