Press release
C.H. Robinson Reports 2024 Third 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 September 30, 2024.\n\nThird Quarter Highlights:\n\n\nSignificant year-over-year increase in profitability, driven by strong execution, disciplined volume growth and improvement in gross profit, productivity and operating leverage\n\n\nGross profits increased 15.5% to $723.8 million\n\n\nIncome from operations increased 58.7% to $180.1 million\n\n\nAdjusted operating margin(1) increased 660 basis points to 24.5%\n\n\nAdjusted operating margin, excluding restructuring and loss on divestiture(1), increased 1,120 basis points to 32.9%\n\n\nDiluted earnings per share (EPS) increased 17.6% to $0.80\n\n\nAdjusted EPS(1) increased 45.5% to $1.28\n\n\nCash generated by operations decreased by $97.2 million to $108.1 million provided by operations, due to an increase in net operating working capital related to higher ocean rates\n\n\n\n\n(1) Adjusted operating margin, adjusted operating margin, excluding restructuring and loss on divestiture, 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\n\n\"I’m pleased with our third quarter results that reflect continued improvement in our execution, as we continue to deploy our new operating model. We are raising the bar, even in a historically prolonged freight recession, with strong execution and disciplined volume growth across divisions while delivering exceptional service for our customers and carriers,\" said C.H. Robinson's President and Chief Executive Officer, Dave Bozeman. \"I want to thank our people, one of our greatest competitive advantages, for their relentless efforts to embrace our new operating model and execute in a fit, fast and focused way so we can keep pushing that bar higher.\"\n\n\"Due to a focus on constantly testing market conditions and optimizing yield, we improved the quality of our volume in the third quarter and continued to expand our NAST gross profit margin. We also continued to push our efficiency to higher levels in both NAST and Global Forwarding, and we remain on track to deliver great...