CH Robinson's 1Q Profit About Flat Year-over-year

MINNEAPOLIS (AP) — Shipping logistics company C.H. Robinson Worldwide Inc. said on Tuesday its first-quarter profit slipped 1 percent as customers sent fewer goods but still topped Wall Street expectations.

The company said it earned $85.4 million during the quarter that ended March 31, down from $86.3 million during the same period last year. The profit in both quarters totaled 50 cents per share.

Revenue fell 15 percent to $1.69 billion, from almost $2 billion a year ago.

Analysts surveyed by Thomson Reuters were expecting a profit of 48 cents per share on higher revenue of $1.92 billion.

Transportation revenue fell 20 percent during the quarter because of falling rates linked to lower fuel prices. Volume declined in most of the company's modes of transportation, which include trucking, rail, ships and air.

One bright spot was less-than-truckload shipping, where volume increased 5 percent. That method combines freight from multiple shippers into single truckloads.

CH Robinson shares rose $2.92, or 6 percent, to $52.01 in aftermarket electronic trading, having closed earlier up $1.08 at $49.09 before the results were released.