EDEN PRAIRIE (dpa-AFX) - Logistics company C.H. Robinson Worldwide, Inc. (CHRW) on Tuesday reported a 3 percent decline in profit for the first quarter as higher expenses more than offset revenue growth. Earnings per share missed analysts' expectations. Shares of the company declined more than 5 percent in extended trades.
John Wiehoff, chairman and chief executive officer of C.H. Robinson said, 'Our results for the first quarter of 2013 reflect the slower growth and continued margin contraction that we have seen in the markets we serve. They also reflect our continued investments in our future and adjusting to the changes we see.'
Total transportation revenues for the first quarter increased 15 percent to $421.25 million, with key truckload revenues up 2 percent to $268.60 million. Ocean transportation revenues more than doubled from last year and air division revenues rose 89 percent, both primarily reflecting the company's acquisition of Phoenix in November 2012.
Truckload volumes for the quarter increased about 9 percent from last year, with North American truckload volumes up approximately 5 percent.
The Eden Prairie, Minnesota-based company's net income for the first quarter was $103.34 million or $0.64 per share, down from $106.50 million or $0.65 per share for the year-ago quarter. On average, analysts polled by Thomson Reuters expected the company to earn $0.69 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue for the quarter rose 17 percent to $2.99 billion from $2.55 billion in the previous-year quarter. Analysts had a consensus revenue estimates of $2.98 billion.
Operating expenses for the quarter grew 17 percent to $287.02 million, primarily as a result of the impact of Phoenix operations. Total costs and expenses rose 19 percent to $2.83 billion.
CHRW closed Tuesday's regular trading session at $61.56, up $1.19 or 1.97 percent on a volume of 2.06 million shares. However, in after-hours, the stock declined $3.56 or 5.78 percent to $58.00.
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