CH Robinson reports significant year-over-year increase in profitability

“I’m pleased with our third quarter results that reflect continued improvement in our execution, as we continue to deploy our new operating model,” said Dave Bozeman, president and CEO. “We are raising the bar, even in a historically prolonged freight recession, with strong execution and disciplined volume growth across divisions while delivering exceptional service for our customers and carriers. I want to thank our people, one of our greatest competitive advantages, for their relentless efforts to embrace our new operating model and execute in a fit, fast and focused way so we can keep pushing that bar higher.”

Third Quarter Highlights:

• Significant year-over-year increase in profitability, driven by strong execution, disciplined volume growth and improvement in gross profit, productivity and operating leverage
• Gross profits increased 15.5% to $723.8 million
• Income from operations increased 58.7% to $180.1 million
• Adjusted operating margin increased 660 basis points to 24.5%
• Adjusted operating margin, excluding restructuring and loss on divestiture, increased 1,120 basis points to 32.9%
• Diluted earnings per share (EPS) increased 17.6% to $0.80
• Adjusted EPS increased 45.5% to $1.28
• Cash generated by operations decreased by $97.2 million to $108.1 million provided by operations, due to an increase in net operating working capital related to higher ocean rates