C.H. Robinson has reported that its revenues fell 4.4 per cent to $3.8 billion in the first quarter (Q1) ending 31 March.
Howeverm, net revenues increased 8.4 per cent to $678.8 million and income from operations rose 17.2 per cent to $224.6 million.
Q1 total revenues for the global forwarding segment decreased 2.9 per cent to $537.6 million, primarily driven by lower pricing in ocean and air. Net revenues increased 3.4 percent in the quarter to $127.2 million. Net revenues in air increased 0.4 percent, as margin expansion was largely offset by a decline in shipments
C.H. Robinson chairman and chief executive officer, John Wiehoff said: “During the first quarter, we achieved high single-digit net revenue growth and double-digit growth in both operating income and earnings per share.
“Operating margin improved 250 basis points in the quarter. Our North American Surface Transportation business generated double-digit net revenue growth in the quarter, and we delivered significant operating margin expansion in both our NAST and Global Forwarding businesses.”
He added: “We continued to make improvements in working capital, which combined with increased earnings, allowed us to generate over $250 million in cash flow from operations and increase cash returns to our shareholders. These strong first quarter results reflect the strength and hard work of our global network.”