RXO

Check Call: Long live the tale of Coyote Logistics

(GIF: GIPHY)

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

RXO shares soar on news of Coyote deal; combined company to be 3rd-biggest 3PL

The acquisition of Coyote Logistics by RXO announced Sunday received a rip-roaring reception on Wall Street Monday, with the company’s stock price trading up by double-digit percentages on a move that management said will make it the third-largest freight brokerage in the country.

At about 11:15 a.m. EDT, RXO stock was up about 21.9% to to $24.64, a gain of $4.43. It hit a 52-week high on the day at $25.07, according to Barchart.

The Wall Street applause for the deal to acquire Coyote from UPS (N...

https://www.freightwaves.com/news/rxo-shares-soar-on-news-of-coyote-deal-combined-company-to-be-3rd-biggest-3pl

For the first time in years, C.H. Robinson’s debt rating is downgraded by S&P Global

C.H. Robinson has had its credit rating downgraded for the first time in at least six years, but its latest rating of BBB, down from BBB+, does keep the 3PL as an investment-grade credit rating.

The downgrade comes just slightly less than one year after S&P reduced the outlook on C.H. Robinson (NASDAQ: CHRW) to negative from stable while affirming its BBB+ rating. A move to a negative outlook usually ends either with a downgrade (possibly many months later, as in the case of C.H. Robinson) or a...

https://www.freightwaves.com/news/for-the-first-time-in-years-c-h-robinsons-debt-rating-is-downgraded-by-sp-global

RXO, still suffering from weak market, touts Q1 volume growth

RXO’s earnings released Thursday, like those of C.H. Robinson a day before, looked to various data points to show “green shoots” that indicate a market bottom for 3PLs may have been reached and a turnaround has commenced.

The focus at C.H. Robinson was on its sequential performance, and investors Thursday liked what they saw a day earlier. Robinson’s stock price was up 12.26%, or $8.84, to $80.93. It was one of the biggest gainers of any stocks for the day.

Although the indicators cited by RXO...

https://www.freightwaves.com/news/rxo-still-suffering-from-weak-market-touts-q1-volume-growth

Over 1,300 layoffs hit logistics companies across US

Layoffs continue across the freight and logistics industry, with companies in Florida, Georgia, Illinois, Michigan and Texas announcing job reductions and facility closures over the past two weeks.

Universal Logistics

Warren, Michigian-based Universal Logistics is permanently shuttering two of its subsidiaries and laying off a total of 677 employees, according to notices recently filed with the state.

The layoffs are related to Universal-operated entities Logistics Insights Corp. and Universal...

https://www.freightwaves.com/news/over-1300-layoffs-hit-logistics-companies-across-us

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

Loaded and Rolling: RXO: Too much trucking capacity heading into 2024

RXO: Too much trucking capacity heading into 2024

(Video source: FreightWaves)

On Wednesday, FreightWaves hosted the Domestic Supply Chain Summit, a virtual event with RXO Chief Strategy Officer Jared Weisfeld as the keynote speaker. The interview, conducted by enterprise trucking carrier expert Thomas Wasson, included an outlook for 2024 and highlighted the biggest supply chain challenges and opportunities. RXO is the freight brokerage that was spun off from LTL carrier XPO last year.

Excess...

https://www.freightwaves.com/news/loaded-and-rolling-rxo-too-much-trucking-capacity-heading-into-2024

Jacobs leading takeover of software company as he readies next move

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’); });

Brad Jacobs has chosen the vessel for his next act.

The man who put together the XPO freight...

https://www.freightwaves.com/news/jacobs-leading-takeover-of-software-company-as-he-readies-next-move

RXO expands through the downcycle

Third-party logistics provider RXO grew brokerage load counts again in the third quarter but noted some softening during October.

RXO (NYSE: RXO) reported Tuesday a net loss of 1 cent per share for the 2023 third quarter, which included a 6 cent headwind from transaction and restructuring costs tied to the spinoff from XPO (NYSE: XPO) a year ago. Adjusted EPS was 5 cents excluding the items, 4 cents higher than the consensus estimate but 29 cents lower year over year (y/y).

“While RXO’s results...

https://www.freightwaves.com/news/rxo-expands-through-the-downcycle

+ More
Join Our Newsletter
Enter your email to receive a weekly round-up of shipping news.
icon
By subscribing, you agree with our privacy policy and our terms of service.