C H Robinson soars in third quarter

Reporting its third quarter results today C H Robinson Worldwide revealed that net revenues increased 5.6% to $113.2 million from $107.2 million in the same period last year. (10/17/2001)

Operations income increased by 15.3% to $34.8 million from $30.2 million in 2000, while net income rose 22.6%.

For the first nine months of this year net revenues were up 10.4% to $344.5 million over last year’s performance. Income from operations increased by 16.2%, with net income growing by 20.5% to $63.4 million.

“We’re pleased with our performance this quarter,” said Sid Verdoorn, chairman and chief executive officer of C H Robinson. “In a very tough environment, our profit centers have done a good job selling Robinson and aggressively managing their operating expenses. We continue to see the advantages of our non-asset-based, variable cost business model. Due to the economy, many of our customers’ freight volumes have decreased compared to previous periods. Despite that, our core truck transportation business was up more than eight percent, thanks to our continued ability to win new business opportunities. We expect the fourth quarter of this year to continue to be challenging for revenue growth.”

Transportation net revenues increased 6.2% in the third quarter, mainly due to an 8.2% increase in the company’s truck transportation business. This growth was mainly driven by volume, given that net revenue per transaction fell away slightly.

Author:Newsdesk, eyefortransport.com