RXO rallies, hits 2023 record, up 28% year-to-date

© Alexlmx

RXO is one of the best stock market performers today, up 7.3% to $21.7 mid-way through the trading session.

(2023 high today: $21.93. Previous all-time high: $25.5, 31 October 2022.)

The company reported its Q4/annual update yesterday –> snapshot: soft on revenues, but better than earnings estimates for the last quarter of the year.

Net reported earnings were significantly lower for 2022 ($92m; click here, page 14), mostly due to transaction and integration costs at $84m. Adjusted earnings of $181m for the year were higher than $170m in 2021.

Meanwhile, adjusted Ebitda rose to $306m annually from $277m one year earlier.

The company said it’s confident it will hit its long-term targets to 2027, while brokerage operations are “gaining share profitably with the support from complementary services”.

It was its first trading update following the spin-off from XPO Logistics.

The full release is here.