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C.H. Robinson Reports Third 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 September 30, 2013. 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,

2013

   

2012

   

%change

2013

   

2012

   

%change

               
Total revenues $ 3,316,665 $ 2,880,409 15.1 % $ 9,599,194 $ 8,388,237 14.4 %
 

Net revenues:

Transportation
Truckload $ 265,509 $ 269,097 -1.3 % $ 798,448 $ 788,872 1.2 %
LTL 61,436 58,863 4.4 % 180,638 167,135 8.1 %
Intermodal 10,202 10,074 1.3 % 29,223 29,804 -1.9 %
Ocean 49,692 18,498 168.6 % 141,304 51,217 175.9 %
Air 18,137 9,046 100.5 % 55,107 28,496 93.4 %
Customs 8,932 4,109 117.4 % 27,307 11,443 138.6 %
Other logistics services   16,070       13,087 22.8 %   50,348       42,029 19.8 %
Total transportation 429,978 382,774 12.3 % 1,282,375 1,118,996 14.6 %
Sourcing 30,553 33,747 -9.5 % 101,151 105,895 -4.5 %
Payment services   2,775       16,149 -82.8 %   8,104       48,048 -83.1 %
Total net revenues 463,306 432,670 7.1 % 1,391,630 1,272,939 9.3 %
 

Operating expenses

 

286,951

     

245,413

16.9

%

 

864,093

     

731,223

18.2

%

Operating income 176,355 187,257 -5.8 % 527,537 541,716 -2.6 %
Net income $ 107,737     $ 116,330 -7.4 % $ 322,952     $ 337,412 -4.3 %
Diluted EPS $ 0.69 $ 0.72 -4.2 % $ 2.03 $ 2.08 -2.4 %
 

Pro Forma Comparison - The following shows the effects of the disposition of the Company’s T-Chek Payment Services business (“T-Chek”), which was completed in October 2012, and the acquisition of Phoenix International Freight Services, Ltd. (“Phoenix”), which was completed in November 2012, as if these transactions had occurred at the beginning of 2012. A reconciliation of these pro forma measures is described on page 4.

       
Three months ended September 30, Nine months ended September 30,
2013     2012     % 2013     2012     %
      Reported     Pro Forma     change Reported     Pro Forma     change
Total net revenues $ 463,306 $ 461,789 0.3 % $ 1,391,630 $ 1,358,849 2.4 %
Income from operations 176,355 190,233 -7.3 % 527,537 547,132 -3.6 %
 

Discussion of Third Quarter 2013 Results

Our truckload net revenues decreased 1.3 percent in the third quarter of 2013 compared to the third quarter of 2012. Our truckload volumes increased approximately 13 percent in the third quarter of 2013 compared to the third quarter of 2012. Our North American truckload volumes increased approximately nine percent. We estimate that our acquisition of Apreo Logistics S.A. (“Apreo”), which was completed in October 2012, contributed approximately four percent to our volume growth in the third quarter of 2013. Our truckload net revenue margin decreased in the third quarter of 2013 compared to the third quarter of 2012, due primarily to increased cost per mile. In North America, excluding the estimated impacts of the change in fuel, our average truckload rate per mile charged to our customers increased approximately two percent in the third quarter of 2013 compared to the third quarter of 2012. In North America, our truckload transportation costs increased approximately four percent, excluding the estimated impacts of the change in fuel.

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