C.H. Robinson Reports 2023 Fourth 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 December 31, 2023.\n\n\nFourth Quarter Key Metrics:\n\n\n\nGross profits decreased 20.0% to $609.3 million\n\n\n\nIncome from operations decreased 34.5% to $107.4 million\n\n\n\nAdjusted operating margin(1) decreased 400 basis points to 17.4%\n\n\n\nDiluted earnings per share (EPS) decreased 67.5% to $0.26\n\n\n\nAdjusted EPS(1) decreased 52.8% to $0.50\n\n\n\nCash generated by operations decreased by $726.1 million to $47.3 million\n\n\n\nFull-Year Key Metrics:\n\n\n\nGross profits decreased 27.9% to $2.6 billion\n\n\n\nIncome from operations decreased 59.4% to $514.6 million\n\n\n\nAdjusted operating margin(1) decreased 1,550 basis points to 19.8%\n\n\n\nDiluted EPS decreased 63.2% to $2.72\n\n\n\nAdjusted EPS(1) decreased 56.2% to $3.30\n\n\n\nCash generated by operations decreased by $918.2 million to $731.9 million\n\n\n\n(1) Adjusted operating margin and adjusted EPS 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 pages 11 through 13 for further discussion and GAAP to Non-GAAP Reconciliations.\n\n\n\"Our fourth quarter results did not meet our expectations as we continue to battle through a poor demand and pricing environment. Weak freight demand in an elongated market trough, combined with excess carrier capacity, continued to result in a very competitive market,\" said C.H. Robinson's President and Chief Executive Officer, Dave Bozeman. \"With this environment in play, we targeted more truckload volume in the spot market, where we could capture more profit due to seasonal market tension. This led to a sequential improvement in our overall truckload profit per load in October and November. However, in December, our profit per load declined as the cost of purchased transportation moved seasonally higher. In Global Forwarding, we increased our ocean shipments on a year-over-year basis, but they were down sequentially, as they typically are in a fourth quarter.\n\n\n\"As the global freight market fluctuates due to seasonal, cyclical and geopolitical factors, we remain focused on what we can control, by providing superior service to our customers and ca...

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