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C.H. Robinson Reports Third Quarter Results

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

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

  Three months ended September 30,   Nine months ended September 30,
    %     %
2012   2011   change 2012   2011   change
 
Total revenues $ 2,880,409 $ 2,694,928 6.9 % $ 8,388,237 $ 7,768,062 8.0 %
 

Net revenues:

Transportation
Truck $ 327,960 $ 321,366 2.1 % $ 956,007 $ 930,168 2.8 %
Intermodal 10,074 10,538 -4.4 % 29,804 31,000 -3.9 %
Ocean 18,498 17,881 3.5 % 51,217 49,851 2.7 %
Air 9,046 9,940 -9.0 % 28,496 30,560 -6.8 %
Other logistics services   17,196     14,752 16.6 %   53,472     43,665 22.5 %
Total transportation 382,774 374,477 2.2 % 1,118,996 1,085,244 3.1 %
Sourcing 33,747 33,089 2.0 % 105,895 101,017 4.8 %
Payment Services   16,149     15,500 4.2 %   48,048     45,012 6.7 %
Total net revenues 432,670 423,066 2.3 % 1,272,939 1,231,273 3.4 %
 

Operating expenses

 

245,413

   

239,101

2.6

%

 

731,223

   

710,498

2.9

%

Income from operations 187,257 183,965 1.8 % 541,716 520,775 4.0 %
Net income $ 116,330   $ 114,347 1.7 % $ 337,412   $ 322,398 4.7 %
Diluted EPS $ 0.72 $ 0.70 2.9 % $ 2.08 $ 1.95 6.7 %
 

Our truck net revenues, which consist of truckload and less-than-truckload (“LTL”) services, increased 2.1 percent in the third quarter of 2012. Our truckload volumes increased approximately eight percent in the third quarter of 2012 compared to the third quarter of 2011. Our truckload net revenue margin decreased in the third quarter of 2012 compared to the third quarter of 2011, due to increased cost per mile. Excluding the estimated impacts of the change in fuel, our average truckload rate per mile to our customers was unchanged in the third quarter of 2012 compared to the third quarter of 2011. Our truckload transportation costs increased approximately one percent, excluding the estimated impacts of the change in fuel. Our LTL net revenues increased approximately 11 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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