Press release
C.H. Robinson Reports 2024 Second Quarter Results
EDEN PRAIRIE, Minn.--(BUSINESS WIRE)-- C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended
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, 2024.\n\n\nSecond Quarter Key Metrics:\n\n\n\nGross profits increased 3.0% year-over-year to $676.5 million, and increased 4.5% sequentially\n\n\n\nIncome from operations increased 34.3% year-over-year to $178.1 million, and increased 40.1% sequentially\n\n\n\nAdjusted operating margin(1) increased 600 basis points to 25.9%\n\n\n\nDiluted earnings per share (EPS) increased 29.6% to $1.05\n\n\n\nAdjusted EPS(1) increased 25.0% to $1.15\n\n\n\nCash generated by operations decreased by $58.4 million to $166.4 million provided by operations\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 second quarter results reflect a higher quality of execution and performance, as we continue to implement the new Robinson operating model. And although we continue to fight through an elongated freight recession, we are winning and executing better at this point in the cycle,\" said C.H. Robinson's President and Chief Executive Officer, Dave Bozeman. \"Our truckload business grew market share for the fourth consecutive quarter, and we took share the right way, with margin improvement in mind. And our adjusted income from operations increased 32 percent year-over-year for the full enterprise.\"\n\n\n\"I also want to commend our people for continuing to embrace the changes that we’re making to deliver a higher and more consistent level of performance and for the high quality second quarter results that they delivered in what continues to be a challenging market,\" added Bozeman. \"With ongoing efforts to improve the customer experience and our cost to serve, we continue to focus on ensuring that we’ll be ready for the eventual freight market rebound, with a disciplined operating model that decouples headcount growth from volume growth and drives operating leverage.\"\n\n\n\"All of the changes that we’re making are aimed at our North Star of generating incremental operating income and delivering higher highs and higher lows ov...