C.H. Robinson Reports 2023 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, 2023.\n\n\nSecond Quarter Key Metrics:\n\n\n\nGross profits decreased 35.9% to $656.7 million\n\n\n\n\nIncome from operations decreased 71.8% to $132.6 million\n\n\n\n\nAdjusted operating margin(1) decreased 2,560 basis points to 19.9%\n\n\n\n\nDiluted earnings per share (EPS) decreased 69.7% to $0.81\n\n\n\n\nAdjusted EPS(1) decreased 64.3% to $0.90\n\n\n\n\nCash generated by operations decreased by $40.4 million to $224.8 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\nC.H. Robinson's recently appointed President and Chief Executive Officer, Dave Bozeman, said, \"It is an absolute privilege to be leading C.H. Robinson, a market leader with enormous scale, a strong base of loyal customers, and a resilient business model that generates profits and free cash flow through the entirety of the freight cycle.\"\n\n\nThe company noted that global freight markets in the second quarter continued to be impacted by weak demand, high inventories and excess capacity, which resulted in a more competitive marketplace with suppressed transportation rates. North American surface transportation volumes and load-to-truck ratios remain near the low levels of 2019. In the freight forwarding market, ocean vessel and air freight capacity continues to exceed demand, which has kept ocean and air freight rates low during this period of significant decline that has continued since the second half of 2022.\n\n\n\"We are staying focused on what we can control, providing superior service to our customers and carriers and streamlining our processes by removing waste and manual touches,\" added Bozeman.\n\n\n\"I know from my time in the transportation market that other freight providers and new entrants look to Robinson as an example of a commercial engine with the breadth, scale, expertise and financial strength that they aspire to achieve. However, there is always room for improvement, and I recognize the tremendous opportunity in...

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