(For a review of some of the data in RXO’s earnings, please go here.)
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.
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PHOENIX – The crowded FreightTech field faces a continuous problem: How does a company make its products stand out when so much of their functionality overlaps with competitors’ offerings?
Most of what various FreightTech products offer in particular applications is identical, except for that last slice of functionality with which one company tries to set itself apart. And that’s where the fiercest battles take place.
That reality of the market has led the Truckload Carriers Association at its...
Chicago has always been about hustling or selling something. Jean-Baptiste-Point Du Sable, after being arrested by the British during the American Revolution, became the first non-native person to settle in what would become the Chicago area in the late 1780s. A successful trader, he sold out in 1800, took the money, and retired to St. Charles, Missouri. Had Du Sable been around today, he might have started a freight brokerage instead, or at the least, he might have been an early employee of...
https://www.freightwaves.com/news/an-ode-to-chicago-and-its-freight-hustlers
Third-quarter earnings at 3PL giant RXO included just two weeks’ worth of finances from the Sept. 15 closing of its acquisition of Coyote Logistics. But RXO’s management likes what it has seen enough so far that it made a significant change in projections of how the acquisition will impact the combined companies.
One group that did not like what it saw in the earnings report: investors. At approximately 3:15 p.m. EST, RXO (NYSE: RXO) stock was down $2.98, to $29.93, a decline of 9.18%. RXO is...
Here are some highlights from RXO’s third-quarter earnings report:
https://www.freightwaves.com/news/rxo-q3-earnings-first-look
RXO became the third-largest freight broker in North America on Monday, completing its acquisition of Coyote Logistics from UPS.
The combination gives RXO (NYSE: RXO) a $7 billion top line with multiple growth opportunities. It adds new power lanes and expands density on existing lanes. Coyote has a large presence in the food and beverage vertical and will continue to support UPS (NYSE: UPS) with transportation services through 2030.
The deal brings little customer overlap as RXO has...
https://www.freightwaves.com/news/rxo-completes-1-025b-acquisition-of-coyote-logistics
Coyote Logistics has had an interesting life span. Founded in 2006 by Jeff Silver, the company started out small and quickly became one of the top freight brokerages in the U.S. Fast forward to 2015 and UPS bought Coyote for a casual $1.8 billion. UPS and Coyote had always worked closely together before the acquisition as Coyote would take any excess full truckload shipments during peak shipping seasons.
Fast forward again to present day. UPS wanted to sell Coyote and found a...
https://www.freightwaves.com/news/check-call-long-live-the-tale-of-coyote-logistics
Founder and former CEO of Forager Matt Silver announced Monday the start of Cargado, a new venture aimed at creating a seamless platform for U.S.-Mexico cross-border logistics.
The startup, which has already secured $3 million in pre-seed funding, “will address the unique challenges of moving freight between the U.S. and Mexico using innovative new technology,” Silver said.
“There are a lot of other companies that are starting to look at either buying Mexican companies or investing in leadership,...
https://www.freightwaves.com/news/matt-silver-launches-us-mexico-logistics-tech-startup-cargado
Chicago-based freight brokerage Coyote Logistics confirmed Friday that it has slashed a number of jobs in its sales and operations divisions, but it declined to disclose the number of employees affected or the percentage of the company’s workforce that was part of the layoffs.
The move comes nearly a month after Coyote Logistics, a subsidiary of UPS Inc. (NYSE: UPS), offered voluntary separation agreements to a number of senior managers and directors, which marked the fourth round of layoffs at...
https://www.freightwaves.com/news/chicago-based-coyote-logistics-cuts-sales-operations-jobs
Now the wait begins.
There is no clear timeline for when the U.S. Supreme Court will rule on a review petition filed earlier this month by Ying Ye, the widow of a man killed by a truck that was brokered by GlobalTranz.
The 7th U.S. Circuit Court of Appeals ruled in July that the Federal Aviation Administration Authorization Act (F4A) blocked GlobalTranz from being held liable for the death of Shawn Lin, Ye’s husband. Lin was riding a motorcycle in November 2017 when he collided with a truck...
https://www.freightwaves.com/news/will-supreme-court-resolve-conflicting-rulings-on-broker-liability