XPO Logistics

Brad Jacobs’ QXO gets initial debt ratings as first big acquisition nears close

In its first public debt rating since its formation, Brad Jacobs’ building supply rollup QXO has earned equivalent grades from Moody’s and S&P Global Ratings, but neither is in investment-grade territory.

In the past several days, S&P Global gave QXO a BB- rating. Moody’s assigned a Ba3 rating to the company. The two grades are considered equivalent on their respective scales, three notches below the dividing line for investment-grade and non-investment-grade debt.

The ratings came as QXO (NYSE:...

https://www.freightwaves.com/news/brad-jacobs-qxo-gets-initial-debt-ratings-as-first-big-acquisition-nears-close

GXO Logistics CEO Malcom Wilson to retire

GXO Logistics CEO Malcolm Wilson will retire next year after leading the company since 2021, GXO announced Tuesday.

Wilson informed GXO’s board of directors that he plans to retire in 2025 but will continue to lead the company during the search for his successor, according to a news release.

“My time at GXO has been the highlight of my three decades in logistics,” Wilson said in a statement. “We have an outstanding organization that embraces new technologies, keeping us at the forefront of the...

https://www.freightwaves.com/news/gxo-logistics-ceo-malcom-wilson-to-retire

RXO, with Coyote in the fold, projects big jump in efficiency-driven savings

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...

https://www.freightwaves.com/news/rxo-with-coyote-in-the-fold-projects-big-jump-in-efficiency-driven-savings

LTL carriers see softer volume trends in August

A pair of less-than-truckload carriers reported weaker volumes in August but said they continue to see favorable yield results.

XPO (NYSE: XPO) saw volumes slide during a “soft” August but reiterated its margin guidance, which is predicated on favorable yield trends.

The carrier reported a 4.6% year-over-year decline in tonnage during August, the combination of a 4.5% decline in shipments and a 0.1% dip in weight per shipment. It previously reported no change for the same volume metrics in July....

https://www.freightwaves.com/news/ltl-carriers-see-softer-volume-trends-in-august

Teamsters rack up late-2023 wins, stage significant strike in ’24

The Teamsters closed out the final quarter of 2023 with several representation victories and no known decertification votes, and started this year with a significant strike by food delivery truck drivers.

The picket lines are up in suburban Chicago and elsewhere after more than 130 members of the Teamsters went on strike Monday at 12:01 a.m. against giant food distributor US Foods (NYSE: USFD). The workers are represented by Local 705. The union’s contract with the food distributor expired Dec....

https://www.freightwaves.com/news/teamsters-rack-up-late-2023-wins-stage-significant-strike-in-24

C.H. Robinson creates office to implement strategic initiatives

Brokerage and logistics giant C.H. Robinson Worldwide Inc. said Thursday it has created an office designed to support the company’s strategic initiatives and has tapped a lean processes methodology expert to run it.

The Program Management Office, which came into being Wednesday, is headed by Jim Reutlinger, who headed his own consultancy after many years at Danaher Corp., a global conglomerate that designs and manufactures medical, industrial, and commercial products and services. Reutlinger had...

https://www.freightwaves.com/news/c-h-robinson-creates-office-to-implement-strategic-initiatives

XPO is hitting record levels of LTL service

XPO recently saw a historic surge in service levels, signaling a new era for its less-than-truckload business.

With this service quality achievement, the freight giant is not just moving goods — it’s raising the bar for efficiency and customer satisfaction.

In a recent discussion with FreightWaves’ Isaiah Buchanan, Anthony Hoereth, senior vice president of sales at XPO, explained how the company has been able to reach the highest service levels in its 40-year LTL history.

In 2021, the company laid...

https://www.freightwaves.com/news/xpo-is-hitting-record-levels-of-ltl-service

Jacobs leading takeover of software company as he readies next move

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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

XPO Logistics partners with Ryze Hydrogen in UK and Ireland

Ryze Hydrogen, a net zero pioneer, has chosen XPO Logistics as its exclusive transport company for clean hydrogen throughout the United Kingdom and Ireland.

XPO, a leading innovative supply chain company in Europe, was chosen as Ryze Hydrogen’s partner for the next three years based on its experience and technological skills.

As the sole hydrogen transport provider in the United Kingdom and Ireland, XPO is assisting in the development of National Occupational Standards that govern the performance...

https://container-news.com/xpo-logistics-partners-with-ryze-hydrogen-in-uk-and-ireland/

XPO’s Jacobs on his next venture: Wait and see

GREENWICH, Conn. — When Brad Jacobs took the stage Tuesday at the Greenwich Economic Forum, the big question on everybody’s mind was: Just what is Jacobs Private Equity going to do?

That’s the next act for the man who founded XPO Inc. (NYSE: XPO) and who serves as its executive chairman as well as executive chairman of its two relatively recent spinoffs: logistics management company GXO (NYSE: GXO) and 3PL RXO (NYSE: RXO).

Jacobs Private Equity is Jacobs’ next venture. And despite a few mild...

https://www.freightwaves.com/news/xpos-jacobs-on-his-next-venture-wait-and-see

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