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C.H. Robinson Reports Fourth Quarter Results

C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (NASDAQ: CHRW), today reported financial results for the quarter ended December 31, 2012.

Summarized financial results for the quarter ended December 31 are as follows (dollars in thousands, except per share data):

  Three months ended   Twelve months ended
December 31, December 31,
    %     %
2012   2011   change 2012   2011   change
 
Total revenues $ 2,970,876 $ 2,568,284 15.7 % $ 11,359,113 $ 10,336,346 9.9 %

Net revenues:

Transportation
Truck $ 328,273 $ 306,443 7.1 % $ 1,284,280 $ 1,236,611 3.9 %
Intermodal 9,011 10,189 -11.6 % 38,815 41,189 -5.8 %
Ocean 33,707 17,022 98.0 % 84,924 66,873 27.0 %
Air 15,948 8,811 81.0 % 44,444 39,371 12.9 %
Other logistics services   22,202     16,207 37.0 %   75,674     59,872 26.4 %
Total transportation 409,141 358,672 14.1 % 1,528,137 1,443,916 5.8 %
Sourcing 30,543 27,431 11.3 % 136,438 128,448 6.2 %
Payment Services   4,948     15,282 -67.6 %   52,996     60,294 -12.1 %
Total net revenues 444,632 401,385 10.8 % 1,717,571 1,632,658 5.2 %
 

Operating expenses

 

311,028

   

229,430

35.6

%

 

1,042,251

   

939,928

10.9

%

Income from operations 133,604 171,955 -22.3 % 675,320 692,730 -2.5 %
Investment and other income 282,166 1,373 20451.1 % 283,142 1,974 14243.6 %
Net income $ 256,392   $ 109,214 134.8 % $ 593,804   $ 431,612 37.6 %
Diluted EPS $ 1.58 $ 0.67 135.8 % $ 3.67 $ 2.62 40.1 %
 
Adjusted Results Excluding Non-Recurring Transaction Impacts (a reconciliation of these adjusted Non-GAAP measures is described in detail in Note 1 to the condensed consolidated financial information attached hereto)

Adjusted

  2011 (GAAP)

Adjusted

  2011 (GAAP)
Income from operations $ 177,311 $ 171,955 3.1 % $ 720,516 $ 692,730 4.0 %
Net income   108,571     109,214 -0.6 %   447,007     431,612 3.6 %
Diluted EPS $ 0.68 $ 0.67 1.5 % $ 2.76 $ 2.62 5.3 %
 

On October 1, 2012, we completed the acquisition of Apreo Logistics S.A. (“Apreo”), a freight forwarder based in Warsaw, Poland. On November 1, 2012, we completed the acquisition of Phoenix International Freight Services, Ltd. (“Phoenix”), an international freight forwarder based in Chicago, Illinois. The Phoenix acquisition was reported on a Form 8-K filed on November 1, 2012, as amended on Form 8-K/A filed on January 14, 2013. The purchase price allocations for both acquisitions, as reflected in the attached condensed consolidated financial information, are considered preliminary and subject to revision. On October 16, 2012, we completed the divestiture of substantially all of our T-Chek Systems Payment Services business (“T-Chek”). The Form 8-K, announcing this transaction, filed on October 17, 2012, includes historical net revenues and income from operations for T-Chek. In the fourth quarter of 2011, T-Chek had net revenues of $12.5 million and income from operations of $6.4 million.

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