RXO Inc. (NYSE:RXO) Q3 2023 Earnings Conference Call November 7, 2023 8:00 AM ET
Company Participants
Drew M. Wilkerson - CEO & Director
James E. Harris - CFO
Jared Ian Weisfeld - Chief Strategy Officer
Conference Call Participants
Bascome Majors - Research Analyst, Susquehanna Financial Group
Brandon Robert Oglenski - Senior Equity Analyst, Barclays Bank PLC
Brian Patrick Ossenbeck - Senior Equity Analyst, JPMorgan
Christopher Glen Kuhn - Senior Equity Analyst, The Benchmark Company
James F. Monigan - Equity Analyst, Wells Fargo Securities
Jason H. Seidl - Senior Research Analyst, TD Cowen
Jizong Chan - Equity Research Analyst, Stifel
Jordan Robert Alliger - Research Analyst, Goldman Sachs Group
Kenneth Scott Hoexter - Analyst, BofA Securities
Scott Andrew Schneeberger - Senior Analyst, Oppenheimer
Scott H. Group - Senior Analyst, Wolfe Research
Stephanie Lynn Benjamin Moore - Equity Analyst, Jefferies
Thomas Richard Wadewitz - Senior Analyst, UBS
Operator
Welcome to the RXO Q3 2023 Earnings Conference Call and Webcast. My name is Synthu, and I will be your operator for today's call. [Operator Instructions]. During this call, the company will make certain forward-looking statements within the meaning of federal securities laws, which by their nature, involve a number of risks, uncertainties and other factors that could cause actual results to differ materially from those in the forward-looking statements.
A discussion of factors that could cause actual results to differ materially is contained in the company's SEC filings as well as in its earnings release. You should refer to a copy of the company's earnings release in the Investor Relations section on the company's website for additional important information regarding forward-looking statements and disclosures and reconciliations of non-GAAP financial measures that the company uses when discussing its results.
I will now turn the call over to Drew Wilkerson. Mr. Wilkerson, you may begin.
Drew M. Wilkerson
Good morning, everyone. Thanks for joining today's earnings call. With me today in Charlotte are Chief Financial Officer, Jamie Harris; and Chief Strategy Officer, Jared Weisfeld. I'm pleased with RXO's performance in the third quarter and what was and continues to be a soft freight market. We've seen this part of the freight cycle before and know exactly what actions we need to take to fuel our continued growth and set us up for long-term success.
In the third quarter, we accelerated our brokerage market share gains while maintaining strong brokerage gross margins. Brokerage volume grew by 18% year-over-year. For the first time, we've broken out brokerage volume performance between truckload and less than truckload for you. Both grew significantly. Full truckload volume grew by 13% year-over-year and less than truckload volume grew by 55% year-over-year.