C.H. Robinson Reports 2021 Third Quarter Results

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 September 30, 2021.\n\nThird Quarter Key Metrics:\n\n\nTotal revenues increased 48.3% to $6.3 billion\n\n\nGross profits increased 43.5% to $839.0 million\n\n\nAdjusted gross profits(1) increased 43.3% to $844.2 million\n\n\nIncome from operations increased 84.7% to $310.8 million \n\n\nAdjusted operating margin(1) increased 820 basis points to 36.8% \n\n\nDiluted earnings per share (EPS) increased 85.0% to $1.85 \n\n\nCash used by operations improved by $95.1 million to $73.5 million\n\n\n(1) Adjusted gross profits and adjusted operating margin are Non-GAAP financial measures. The same factors described in this release that impacted these Non-GAAP measures also impacted the comparable GAAP measures. Refer to page 10 for further discussion and a GAAP to Non-GAAP reconciliation.\n\n\"The third quarter was another quarter of progress and strong execution, resulting in record quarterly financial results,\" said Bob Biesterfeld, Chief Executive Officer of C.H. Robinson. \"The trajectory of our business is heading in the right direction as we continue to leverage our tech-plus strategy to help customers navigate through an extremely challenging and capacity-constrained environment, which we expect to continue. Demand for our global suite of services and for the benefit of our powerful technology platform continues to be strong, and digitalization continues to take hold and be engrained in an increasing percentage of our business.\"\n\nSummary of Third Quarter Results Compared to the Third Quarter of 2020\n\n\nTotal revenues increased 48.3% to $6.3 billion, driven primarily by higher pricing and higher volume across most of our services.\n\n\nGross profits increased 43.5% to $839.0 million. Adjusted gross profits increased 43.3% to $844.2 million, primarily driven by higher adjusted gross profit per transaction and higher volume across most of our services.\n\n\nOperating expenses increased 26.7% to $533.4 million. Personnel expenses increased 32.0% to $399.9 million, primarily due to higher incentive compensation costs and also due to the benefit realized in the third quarter of 2020 from our short-term, pandemic-related cost reductions. Average headcount increased 7.1%. Selling, gener...

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