In the second quarter, C.H. Robinson saw total revenues shoot up 11.3 percent, year over year, finishing the period at $3.29 billion.
For the year, revenues are up 14.1 percent for the Eden Prairie, Minn.-based logistics services provider.
Nearly every sector of C.H. Robinson’s transportation logistics division saw increased revenues during the quarter. Ocean shot up 189.7 percent to $49.12 million; customs brokerage revenues increased by 148.3 percent to $9.77 million; and air forwaring activity experienced a 91 percent boost, ending the period at $20.2 million. Less-than-truckload and truckload, the largest segments in terms of revenue, were up 7.6 percent and 3.2 percent, respectively. Intermodal lost revenue during the quarter, ending the period down 1 percent at $9.92 million.
Truckload volumes rose 9 percent, year over year, rising 5 percent in North America. The purchase of Apreo Logistics in October helped increase volumes by 4 percent. The increase in LTL revenues, according to officials, came due to an 8 percent increase in total shipments. Intermodal revenues fell victim to decreased volumes. Ocean, air and customs brokerage revenues increased due in part to the company’s acquisition of Phoenix in November.
Despite these seemingly large increases in revenue, Stifel Nicolaus is reiterating its sell rating for C.H. Robinson, noting the company missed consensus predicted earnings. Officials do not believe the company will achieve its annual growth target of 15 percent over the long term. - Jon Ross