Freight and logistics service provider C.H. Robinson Worldwide Inc. (CHRW), Tuesday reported a near six percent rise in fourth-quarter earnings, as improved truckload volumes and growth in payment services lifted revenues by more than ten percent.
Nonetheless, the company's earnings and revenues for the quarter fell short of Street estimates. The news dragged down C.H. Robinson shares by 7 percent in extended session on the Nasdaq.
Fourth-quarter net income was $109 million or $0.67 per share, compared to $103 million or $0.62 per share a year ago. On average, 27 analysts polled by Thomson Reuters expected $0.68 per share for the quarter. Analysts' estimates typically exclude special items.
The Eden Prairie, Minnesota-based logistics company reported revenue of $2.57 billion, compared to $2.32 billion last year. Eighteen analysts expected revenues of $2.63 billion for the quarter.
Net revenue for the quarter grew 3.4 percent to $401.4 million from $388 million a year ago.
In its main Transportation segment, net revenue improved 4.9 percent from last year. Within that, truck revenue was up 5.5 percent on a 7 percent growth in truckload volumes. Intermodal, and other logistical services also indicated growth, while Air transport revenues fell 18 percent.
Sourcing segment revenues fell 13.5 percent, due mainly to decreased net revenue margin. Payment Services segment revenues increased 4.1 percent mainly on fee increases.
For January, the company said its North American truckload volume growth per business day was about seven percent. Total net revenue growth per business day was about six percent for the period.
CHRW closed Tuesday on the Nasdaq at $68.84, up $0.91 or 1.34%, on a volume of 1.8 million shares. In after-hours, the stock lost $4.84 or 7.03 percent.
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