C.H. Robinson last quarter touted its improvement sequentially since the year-on-year comparisons were still negative. But second-quarter earnings show both continued improvement sequentially from the first quarter and from a year ago.
The stock price reacted immediately. By 4:15 p.m., C.H. Robinson (NASDAQ: CHRW) was up almost 9% to $97. It closed at $89.05.
In C.H. Robinson’s North American Surface Transportation (NAST) segment, which houses its brokerage operations, revenues were down about 3% from a year ago. But adjusted gross profits were up 4.56%. Truckload gross profits rose 4.76%, LTL gross profits climbed 5.92% and ocean gross profits were up 7.85%. But adjusted gross profits for air operations were down 9.13%.
Sequential comparisons for the individual segments within NAST also were higher. Its bottom line is that adjusted earnings per share of $1.15 were more than 20% better than both the 90 cents a share of a year ago and 86 cents per share from the first quarter.
“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,” C.H. Robinson President and CEO Dave Bozeman said in a prepared statement. “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.”
A conference call with analysts is set for 5 p.m. EDT.
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