C.H. Robinson’s Net Income Up 6.3% in 2Q
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C.H. Robinson Worldwide reported net income for the quarter ended June 30 came in at $169.2 million, up 6.3% from $159 million in the second quarter a year ago.
Earnings per share of $1.22 were up 8%, from $1.13 in the same period a year ago, the company said in a July 30 news release.
Revenues were $3.9 billion, down 8.6% from $4.28 billion in the second quarter of 2018.
CEO Bob Biesterfeld said the Eden Prairie, Minn.-based logistics company performed well in what he called a challenging environment for freight.
Biesterfeld
“We expect the soft freight environment to continue through the balance of 2019,” Biesterfeld said. “Despite the current freight environment, our long-term goals remain unchanged. We remain focused on taking market share, automating core processes while delivering industry-leading quality service to our customers and carriers, and improving operating leverage in our businesses.”
Second-quarter revenue for C.H. Robinson’s North American segment totaled $2.9 billion, a decrease of 9.2% over the prior year, primarily driven by decreased pricing, the company reported.
Net revenue in truckload increased 8.6%, less-than-truckload net revenue increased 2.8%, and intermodal net revenues decreased 33.8% versus the year ago period.
Truckload volume declined 2.5% in the quarter. Volume of LTL grew 3.5 %, and intermodal volume declined 30.5% versus the prior year.
Second-quarter total revenue for the global forwarding segment decreased 4.1% to $592.5 million, primarily because of lower pricing in ocean and air and a decline in air volume, the company said.
C.H. Robinson ranks No. 5 on the Transport Topics Top 50 list of the largest logistics companies in North America and No. 1 on the TT list of top freight brokerage firms. The company also ranks No. 9 on the TT list of top ocean freight forwarders and No. 25 on the TT list of top airfreight forwarders.
