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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