C.H. Robinson Reports 2022 Second Quarter Results

About this update from C.h. Robinson Worldwide, Inc.

[{"type":"text","content":" EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--\nC.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended June 30, 2022.\n\nSecond Quarter Key Metrics:\n\n\nGross profits and adjusted gross profits(1) increased 37.7% to $1.0 billion\n\n\nIncome from operations increased 80.2% to $469.7 million\n\n\nAdjusted operating margin(1) increased 1,070 basis points to 45.5%\n\n\nDiluted earnings per share (EPS) increased 85.4% to $2.67\n\n\nCash generated by operations improved by $116.0 million to $265.3 million\n\n\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\n\n\n\"Our second quarter was another quarter of record profits, as our business model performed as we would expect it to in this part of the cycle,\" said Bob Biesterfeld, President and Chief Executive Officer of C.H. Robinson. \"Our investments in our customer relationships through the early part of the cycle, while the cost of purchased transportation was rapidly increasing, are paying dividends as we retain and gain share with these customers through the terms of our agreements. Our strong results were again driven by significant operating margin expansion in our North American Surface Transportation business, as we further improved the profitability of our truckload and less-than truckload businesses and grew our truckload volume in a declining market. Our Global Forwarding team continued to deliver strong financial results, while benefiting from the market share they’ve gained over the past couple of years.\"\n\nSummary of Second Quarter Results Compared to the Second Quarter of 2021\n\n\nTotal revenues increased 22.9% to $6.8 billion, driven primarily by higher pricing across most of our services and higher truckload and ocean volume.\n\n\nGross profits and adjusted gross profits increased 37.7% to $1.0 billion, primarily driven by higher adjusted gross profit per transaction across most of our services and higher truckload and ocean volume.\n\n\nOperating expenses increased 15.0% to $561.9 million. Personnel expenses increased 22.6% to $444.8 million, primarily due to ...

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