C.H. Robinson Inc.
C.H. Robinson Worldwide Inc., based in Eden Prairie, Minnesota, said net income in the first quarter fell 9.8% to $93.2 million, or 63 cents per share, from $103.3 million, or 64 cents per share, as profit margins came under pressure.
The company’s report, including a 5% rise in revenue to $3.14 billion, noted that North American truckload margins declined because costs per mile rose 12%, faster than a 10% increase in revenue.
Transportation revenue rose nearly 8%. Truckload accounted for more than 60% of the brokerage and logistics company’s net revenue. Net revenue represents revenue less the cost of purchased transportation. North American truckload volume rose 3%.
Weather disruptions affected truckload by constraining capacity, the statement said. Truckload net revenue was $269.8 million, or 0.5% above last year’s first quarter.