Press release
C.H. Robinson Reports 2019 Fourth Quarter Results
MINNEAPOLIS--(BUSINESS WIRE)-- C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended December
About this update from C.h. Robinson Worldwide, Inc.
[{"type":"text","content":" MINNEAPOLIS--(BUSINESS WIRE)--\nC.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended December 31, 2019.\n\n\nFourth Quarter Key Metrics:\n\n\n\nTotal revenues decreased 8.3 percent to $3.8 billion\n\n\nNet revenues decreased 18.9 percent to $578.9 million\n\n\nIncome from operations decreased 46.5 percent to $136.8 million \n\n\nOperating margin decreased 1,220 basis points to 23.6 percent \n\n\nDiluted earnings per share (EPS) decreased 45.5 percent to $0.73 \n\n\nCash flow from operations decreased 19.9 percent to $211.6 million \n\n\n\nFull-Year Key Metrics:\n\n\n\nTotal revenues decreased 7.9 percent to $15.3 billion\n\n\nNet revenues decreased 4.4 percent to $2.6 billion\n\n\nIncome from operations decreased 13.4 percent to $790.0 million \n\n\nOperating margin decreased 320 basis points to 30.5 percent\n\n\nDiluted earnings per share (EPS) decreased 11.4 percent to $4.19\n\n\nCash flow from operations increased 5.4 percent to $835.4 million\n\n\n\n“Despite a quarter of challenging operating results, I do believe we took important steps in the quarter. Pricing adjustments to reflect the current market enabled us to deliver flat volume in NAST truckload, including a mid-single-digit increase in contractual volume, and 4.5 percent volume growth in LTL, healthy market share gains in a quarter where volumes as measured by the Cass Freight Index declined approximately 6 percent. We are starting to see our increased investments in technology drive operating efficiency in our business, including a 330-basis point favorable spread between truckload volume growth and headcount growth in our NAST business,” said Bob Biesterfeld, Chief Executive Officer of C.H. Robinson.\n\n\nBiesterfeld continued, “While our fourth quarter financial results demonstrate that we are not immune to large cyclical swings in the freight environment, we firmly believe that our continued investments through cycles will drive the alignment between net revenue growth and operating costs needed to drive operating margin expansion through freight cycles over the long term.”\n\n\nIn a separate press release issued today, C.H. Robinson also announced the acquisition of Prime Distribution Services, a leading provider of retail consolidation services in North America. Biesterfeld added, “We are excite...