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C.H. Robinson Reports Second Quarter Results

Stocks in this article: CHRW

C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (NASDAQ: CHRW), today reported financial results for the quarter ended June 30, 2012.

Summarized financial results for the quarter ended June 30 are as follows (dollars in thousands, except per share data):

       
Three months ended June 30, Six months ended June 30,
        %         %
2012     2011     change 2012     2011     change
 
Total revenues $ 2,955,714 $ 2,707,662 9.2 % $ 5,507,828 $ 5,073,134 8.6 %
 

Net revenues:

Transportation
Truck $ 312,638 $ 314,302 -0.5 % $ 628,047 $ 608,802 3.2 %
Intermodal 10,019 10,862 -7.8 % 19,730 20,462 -3.6 %
Ocean 16,958 16,400 3.4 % 32,719 31,970 2.3 %
Air 10,577 11,435 -7.5 % 19,450 20,620 -5.7 %
Other logistics services   18,814       14,848 26.7 %   36,276       28,913 25.5 %
Total transportation 369,006 367,847 0.3 % 736,222 710,767 3.6 %
Sourcing 40,205 34,929 15.1 % 72,148 67,928 6.2 %
Payment services   16,312       15,090 8.1 %   31,899       29,512 8.1 %
Total net revenues 425,523 417,866 1.8 % 840,269 808,207 4.0 %
 

Operating expenses

 

240,609

     

237,771

1.2

%

 

485,810

     

471,397

3.1

%

Operating income 184,914 180,095 2.7 % 354,459 336,810 5.2 %
Net income $ 114,582     $ 111,023 3.2 % $ 221,082     $ 208,051 6.3 %
Diluted EPS $ 0.71 $ 0.67 6.0 % $ 1.36 $ 1.26 7.9 %
 

Our truck net revenues, which consist of truckload and less-than-truckload (“LTL”) services, decreased 0.5 percent in the second quarter of 2012. Our truckload volumes increased approximately ten percent in the second quarter of 2012 compared to the second quarter of 2011. Our truckload net revenue margin decreased in the second quarter of 2012 compared to the second quarter of 2011, due to our cost per mile rising faster than our price per mile. Excluding the estimated impacts of the change in fuel, our truckload pricing to our customers increased approximately one percent in the second quarter of 2012 compared to the second quarter of 2011. Our truckload transportation costs increased approximately three percent, excluding the estimated impacts of the change in fuel. Our LTL net revenues increased approximately 12 percent. The increase was driven by an increase in total shipments of approximately 17 percent, partially offset by decreased net revenue margin.

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