MINNEAPOLIS–(BUSINESS WIRE)–#CHRobinson–C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended June 30, 2021.

Second Quarter Key Metrics:

  • Total revenues increased 52.5% to $5.5 billion
  • Gross profits increased 21.9% to $744.4 million
  • Adjusted gross profits(1) increased 21.9% to $749.2 million
  • Income from operations increased 38.0% to $260.6 million
  • Adjusted operating margin(1) increased 410 basis points to 34.8%
  • Diluted earnings per share (EPS) increased 35.8% to $1.44
  • Cash flow from operations decreased $297.8 million to $149.3 million

(1) Adjusted gross profits and adjusted operating margin are Non-GAAP financial measures. The same factors described in this release that impacted these Non-GAAP measures also impacted the comparable GAAP measures. Refer to page 10 for further discussion and a GAAP to Non-GAAP reconciliation.

“During the second quarter, we delivered record financial results by staying focused on serving the needs of our customers and keeping their global supply chains moving in a capacity-constrained environment,” said Bob Biesterfeld, Chief Executive Officer of C.H. Robinson. “Our largest services delivered both year-over-year and sequential growth in total volumes, revenues and adjusted gross profit, which resulted in quarterly highs for Robinson in total volumes, revenues, adjusted gross profit and operating income. I believe the team at Robinson is the most capable team of supply chain experts in the world, and I’m incredibly proud of how our team has helped thousands of customers navigate globally disrupted supply chains and delivered strong results for our shareholders.”

Second Quarter Results Summary

  • Total revenues increased 52.5% to $5.5 billion, driven primarily by higher pricing and higher volume across most of our services.
  • Gross profits increased 21.9% to $744.4 million. Adjusted gross profits increased 21.9% to $749.2 million, primarily driven by higher volume in our ocean, truckload, less than truckload (“LTL”) and air services and higher adjusted gross profit per shipment in our ocean and truckload services.
  • Operating expenses increased 14.8% to $488.6 million, due to higher personnel expenses. Personnel expenses increased 20.8% to $362.9 million, primarily due to higher incentive compensation costs and also due to the benefit realized in the second quarter of 2020 from our short-term cost reduction initiatives. Average headcount increased 0.7%. Selling, general and administrative (“SG&A”) expenses of $125.7 million increased 0.4%.
  • Income from operations totaled $260.6 million, up 38.0% due to the increase in adjusted gross profits. Adjusted operating margin of 34.8% increased 410 basis points.
  • Interest and other expenses totaled $13.5 million, consisting primarily of $12.7 million of interest expense, which increased $0.4 million versus last year due to a higher average debt balance. The second quarter also included a $1.9 million unfavorable impact from foreign currency revaluation and realized foreign currency gains and losses.
  • The effective tax rate in the quarter was 21.6% compared to 19.4% in the second quarter last year. The rate increase was due primarily to a tax benefit in the second quarter of 2020 from delivery of a one-time deferred stock award that was granted to the company’s prior Chief Executive Officer in 2000.
  • Net income totaled $193.8 million, up 34.6% from a year ago. Diluted EPS of $1.44 increased 35.8%.

Year-to-Date Results Summary

  • Total revenues increased 39.1% to $10.3 billion, driven primarily by higher pricing and higher volume across most of our services.
  • Gross profits increased 22.8% to $1.4 billion. Adjusted gross profits increased 22.8% to $1.5 billion, primarily driven by higher adjusted gross profit per shipment in our ocean and truckload services and higher volume in our ocean, less than truckload (“LTL”) and air services.
  • Operating expenses increased 9.4% to $1.0 billion. Personnel expenses increased 14.8% to $723.7 million, primarily due to higher incentive compensation costs and also due to the benefit realized in 2020 from our short-term cost reduction initiatives. SG&A expenses decreased 3.8% to $243.9 million, primarily due to lower credit losses and travel expenses.
  • Income from operations totaled $483.9 million, up 62.3% from last year, primarily due to the increase in adjusted gross profits. Adjusted operating margin of 33.3% increased 810 basis points.
  • Interest and other expenses totaled $24.8 million, which primarily consists of $24.9 million of interest expense. The six-month period also included a $4.8 million unfavorable impact from foreign currency revaluation and realized foreign currency gains and losses. These expenses were partially offset by a $2.9 million local government subsidy in Asia for achieving specified performance criteria that was almost entirely offset by a reduction in foreign tax credits within the provision for income taxes.
  • The effective tax rate for the six months was 20.1% compared to 18.6% in the year-ago period. The rate increase was due primarily to a tax benefit in 2020 from delivery of a one-time deferred stock award that was granted to the company’s prior Chief Executive Officer in 2000.
  • Net income totaled $367.1 million, up 65.3% from a year ago. Diluted EPS of $2.71 increased 65.2%.

North American Surface Transportation Results

Summarized financial results of our NAST segment are as follows (dollars in thousands):

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2021

 

2020

 

% change

 

2021

 

2020

 

% change

Total revenues

$

3,585,481

 

 

$

2,475,292

 

 

44.9

%

 

$

6,796,904

 

 

$

5,299,037

 

 

28.3

%

Adjusted gross profits(1)

436,596

 

 

379,556

 

 

15.0

%

 

857,704

 

 

752,334

 

 

14.0

%

Income from operations

151,092

 

 

136,846

 

 

10.4

%

 

287,876

 

 

235,372

 

 

22.3

%

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

Second quarter total revenues for C.H. Robinson’s NAST segment totaled $3.6 billion, an increase of 44.9% over the prior year, primarily driven by higher truckload pricing and an increase in LTL and truckload shipments. NAST adjusted gross profits increased 15.0% in the quarter to $436.6 million. Adjusted gross profits in truckload increased 13.6% due to a 7.0% increase in adjusted gross profit per load and a 6.0% increase in shipments. Our average truckload linehaul rate per mile charged to our customers, which excludes fuel surcharges, increased approximately 42.0% in the quarter, while truckload linehaul cost per mile, excluding fuel surcharges, increased approximately 47.5%. LTL adjusted gross profits increased 21.6% versus the year-ago period, as LTL volumes grew 23.5%. NAST overall volume growth was approximately 16.0%. Operating expenses increased 17.6% primarily due to higher incentive compensation and also due to the benefit realized in 2020 from our short-term cost reduction initiatives. Income from operations increased 10.4% to $151.1 million, and adjusted operating margin declined 150 basis points to 34.6%. NAST average headcount was down 5.5% in the quarter.

Global Forwarding Results

Summarized financial results of our Global Forwarding segment are as follows (dollars in thousands):

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2021

 

2020

 

% change

 

2021

 

2020

 

% change

Total revenues

$

1,450,794

 

 

$

707,820

 

 

105.0

%

 

$

2,606,833

 

 

$

1,238,204

 

 

110.5

%

Adjusted gross profits(1)

238,754

 

 

162,960

 

 

46.5

%

 

453,054

 

 

291,274

 

 

55.5

%

Income from operations

108,212

 

 

58,775

 

 

84.1

%

 

198,801

 

 

70,734

 

 

181.1

%

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

Second quarter total revenues for the Global Forwarding segment increased 105.0% to $1.5 billion, primarily driven by higher pricing in ocean services and higher volume in both our ocean and air services, reflecting the strong demand environment, market share gains and strained capacity. Adjusted gross profits increased 46.5% in the quarter to $238.8 million. Ocean adjusted gross profits increased 91.7%, driven by higher adjusted gross profit per shipment and a 29.0% increase in volumes. Adjusted gross profits in air increased 1.2% driven by a 42.5% increase in metric tons shipped. Customs adjusted gross profits increased 31.1%, primarily driven by a 34.0% increase in transaction volume. Operating expenses increased 25.3%, primarily driven by increased salaries, technology and incentive compensation expenses and partially offset by lower amortization expense. Second quarter average headcount increased 3.9%. Income from operations increased 84.1% to $108.2 million, and adjusted operating margin expanded 920 basis points to 45.3% in the quarter.

All Other and Corporate Results

Total revenues and adjusted gross profits for Robinson Fresh, Managed Services and Other Surface Transportation are summarized as follows (dollars in thousands):

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2021

 

2020

 

% change

 

2021

 

2020

 

% change

Total revenues

$

496,451

 

 

$

444,734

 

 

11.6

%

 

$

932,858

 

 

$

895,613

 

 

4.2

%

Adjusted gross profits(1):

 

 

 

 

 

 

 

 

 

 

 

Robinson Fresh

$

29,940

 

 

$

30,202

 

 

(0.9)

%

 

$

54,888

 

 

$

57,660

 

 

(4.8)

%

Managed Services

26,234

 

 

23,503

 

 

11.6

%

 

51,790

 

 

46,030

 

 

12.5

%

Other Surface Transportation

17,652

 

 

18,232

 

 

(3.2)

%

 

34,120

 

 

35,108

 

 

(2.8)

%

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

Second quarter Robinson Fresh adjusted gross profits decreased 0.9% to $29.9 million, primarily due to a decline in profit per case, partially offset by an 8.0% increase in volume. Managed Services adjusted gross profits increased 11.6% in the quarter, primarily due to an 18.5% increase in volume. Other Surface Transportation adjusted gross profits decreased 3.2% to $17.7 million, primarily due to a 5.2% decline in Europe truckload adjusted gross profits.

Other Income Statement Items

The second quarter effective tax rate was 21.6%, up from 19.4% last year. We expect our 2021 full-year effective tax rate to be 20% to 22%.

Interest and other expenses totaled $13.5 million, consisting primarily of $12.7 million of interest expense, which increased $0.4 million versus last year due to a higher average debt balance. The second quarter also included a $1.9 million unfavorable impact from foreign currency revaluation and realized foreign currency gains and losses.

Diluted weighted average shares outstanding in the quarter were down 0.6% due primarily to share repurchases over the prior nine months.

Cash Flow Generation and Capital Distribution

Cash from operations totaled $149.3 million in the second quarter, compared to $447.1 million of cash generated in the second quarter of 2020. The $297.8 million decrease in cash flow was driven primarily by an outsized improvement in operating working capital in second quarter of 2020. Sequentially, operating working capital increased by $81.8 million or 5.6% in the second quarter of 2021, compared to a sequential increase of 6.7% in total adjusted gross profits.

In the second quarter of 2021, $204.8 million of cash was returned to shareholders, with $135.1 million in total repurchases of common stock and $69.7 million in cash dividends.

Capital expenditures totaled $16.3 million in the quarter. We continue to expect 2021 capital expenditures to be $55 million to $65 million, with the majority dedicated to technology.

Outlook

“Our record results demonstrated the strength of our non-asset-based business model that includes a diverse portfolio of services. Given the current structural constraints around expansion of supply, coupled with a continued reopening of the economy and other factors, we expect the current market conditions to persist through 2021,” Biesterfeld stated. “Within NAST, we expect to grow our truckload and LTL volume during the remaining quarters of this year. Within our Global Forwarding business, there continues to be a robust pipeline of business and, as we move toward the peak holiday season, we expect ocean and air demand to remain strong into early 2022. Overall, we’ll stay the course with our strategy of pursuing market share gains that align with our profitability expectations. And we’ll continue to invest back into the business, in order to drive innovation, improve service to our customers and carriers, and drive growth across our global suite of modes and services.”

About C.H. Robinson

C.H. Robinson solves logistics problems for companies across the globe and across industries, from the simple to the most complex. With $21 billion in freight under management and 19 million shipments annually, we are one of the world’s largest logistics platforms. Our global suite of services accelerates trade to seamlessly deliver the products and goods that drive the world’s economy. With the combination of our multimodal transportation management system and expertise, we use our information advantage to deliver smarter solutions for our 105,000 customers and 73,000 contract carriers. Our technology is built by and for supply chain experts to bring faster, more meaningful improvements to our customers’ businesses. As a responsible global citizen, we are also proud to contribute millions of dollars to support causes that matter to our company, our Foundation and our employees. For more information, visit us at www.chrobinson.com (Nasdaq: CHRW).

Except for the historical information contained herein, the matters set forth in this release are forward-looking statements that represent our expectations, beliefs, intentions or strategies concerning future events. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience or our present expectations, including, but not limited to, such factors such as changes in economic conditions, including uncertain consumer demand; changes in market demand and pressures on the pricing for our services; competition and growth rates within the third party logistics industry; freight levels and increasing costs and availability of truck capacity or alternative means of transporting freight; changes in relationships with existing contracted truck, rail, ocean, and air carriers; changes in our customer base due to possible consolidation among our customers; our ability to successfully integrate the operations of acquired companies with our historic operations; risks associated with litigation, including contingent auto liability and insurance coverage; risks associated with operations outside of the United States; risks associated with the potential impact of changes in government regulations; risks associated with the produce industry, including food safety and contamination issues; fuel price increases or decreases, or fuel shortages; cyber-security related risks; the impact of war on the economy; changes to our capital structure; risks related to the elimination of LIBOR; changes due to catastrophic events including pandemics such as COVID-19; and other risks and uncertainties detailed in our Annual and Quarterly Reports.

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update such statement to reflect events or circumstances arising after such date. All remarks made during our financial results conference call will be current at the time of the call, and we undertake no obligation to update the replay.

Conference Call Information:

C.H. Robinson Worldwide Second Quarter 2021 Earnings Conference Call

Tuesday, July 27, 2021; 5:00 p.m. Eastern Time

Presentation slides and a simultaneous live audio webcast of the conference call may be accessed through the Investor Relations link on C.H. Robinson’s website at www.chrobinson.com.

To participate in the conference call by telephone, please call ten minutes early by dialing: 877-269-7756

International callers dial +1-201-689-7817

Adjusted Gross Profit by Service Line

(in thousands)

This table of summary results presents our service line adjusted gross profits on an enterprise basis. The service line adjusted gross profits in the table differ from the service line adjusted gross profits discussed within the segments as our segments have revenues from multiple service lines.

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2021

 

2020

 

% change

 

2021

 

2020

 

% change

Adjusted gross profits(1):

 

 

 

 

 

 

 

 

 

 

 

Transportation

 

 

 

 

 

 

 

 

 

 

 

Truckload

$

308,027

 

 

$

278,366

 

 

10.7

 

%

 

$

608,050

 

 

$

543,292

 

 

11.9

 

%

LTL

129,868

 

 

106,956

 

 

21.4

 

%

 

251,421

 

 

220,865

 

 

13.8

 

%

Ocean

150,986

 

 

78,853

 

 

91.5

 

%

 

286,496

 

 

148,755

 

 

92.6

 

%

Air

53,057

 

 

52,405

 

 

1.2

 

%

 

98,951

 

 

80,743

 

 

22.6

 

%

Customs

25,513

 

 

19,461

 

 

31.1

 

%

 

49,735

 

 

40,654

 

 

22.3

 

%

Other logistics services

53,692

 

 

49,980

 

 

7.4

 

%

 

105,432

 

 

93,717

 

 

12.5

 

%

Total transportation

721,143

 

 

586,021

 

 

23.1

 

%

 

1,400,085

 

 

1,128,026

 

 

24.1

 

%

Sourcing

28,033

 

 

28,432

 

 

(1.4

)

%

 

51,471

 

 

54,380

 

 

(5.3

)

%

Total adjusted gross profits

$

749,176

 

 

$

614,453

 

 

21.9

 

%

 

$

1,451,556

 

 

$

1,182,406

 

 

22.8

 

%

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

GAAP to Non-GAAP Reconciliation

(unaudited, in thousands)

Our adjusted gross profit is a non-GAAP financial measure. Adjusted gross profit is calculated as gross profit excluding amortization of internally developed software utilized to directly serve our customers and contracted carriers. We believe adjusted gross profit is a useful measure of our ability to source, add value, and sell services and products that are provided by third parties, and we consider adjusted gross profit to be a primary performance measurement. Accordingly, the discussion of our results of operations often focuses on the changes in our adjusted gross profit. The reconciliation of gross profit to adjusted gross profit is presented below (in thousands):

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2021

 

2020

 

% change

 

2021

 

2020

 

% change

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Transportation

$

5,240,448

 

 

$

3,348,611

 

 

56.5

%

 

$

9,800,675

 

 

$

6,890,729

 

 

42.2

 

%

Sourcing

292,278

 

 

279,235

 

 

4.7

%

 

535,920

 

 

542,125

 

 

(1.1

)

%

Total revenues

5,532,726

 

 

3,627,846

 

 

52.5

%

 

10,336,595

 

 

7,432,854

 

 

39.1

 

%

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Purchased transportation and related services

4,519,305

 

 

2,762,590

 

 

63.6

%

 

8,400,590

 

 

5,762,703

 

 

45.8

 

%

Purchased products sourced for resale

264,245

 

 

250,803

 

 

5.4

%

 

484,449

 

 

487,745

 

 

(0.7

)

%

Direct internally developed software amortization

4,802

 

 

3,991

 

 

20.3

%

 

9,449

 

 

7,736

 

 

22.1

 

%

Total direct expenses

4,788,352

 

 

3,017,384

 

 

58.7

%

 

8,894,488

 

 

6,258,184

 

 

42.1

 

%

Gross profit

$

744,374

 

 

$

610,462

 

 

21.9

%

 

$

1,442,107

 

 

$

1,174,670

 

 

22.8

 

%

Plus: Direct internally developed software amortization

4,802

 

 

3,991

 

 

20.3

%

 

9,449

 

 

7,736

 

 

22.1

 

%

Adjusted gross profit

$

749,176

 

 

$

614,453

 

 

21.9

%

 

$

1,451,556

 

 

$

1,182,406

 

 

22.8

 

%

Our adjusted operating margin is a non-GAAP financial measure calculated as operating income divided by adjusted gross profit. We believe adjusted operating margin is a useful measure of our profitability in comparison to our adjusted gross profit which we consider a primary performance metric as discussed above. The comparison of operating margin to adjusted operating margin is presented below:

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

2021

 

2020

 

% change

 

2021

 

2020

 

% change

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues

$

5,532,726

 

 

$

3,627,846

 

 

52.5

%

 

$

10,336,595

 

 

$

7,432,854

 

 

39.1

%

Operating income

260,604

 

 

188,787

 

 

38.0

%

 

483,933

 

 

298,227

 

 

62.3

%

Operating margin

4.7

%

 

5.2

%

 

(50) bps

 

4.7

%

 

4.0

%

 

70 bps

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted gross profit

$

749,176

 

 

$

614,453

 

 

21.9

%

 

$

1,451,556

 

 

$

1,182,406

 

 

22.8

%

Operating income

260,604

 

 

188,787

 

 

38.0

%

 

483,933

 

 

298,227

 

 

62.3

%

Adjusted operating margin

34.8

%

 

30.7

%

 

410 bps

 

33.3

%

 

25.2

%

 

810 bps

Condensed Consolidated Statements of Income

(unaudited, in thousands, except per share data)

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

% change

 

2021

 

 

2020

 

 

% change

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Transportation

$

5,240,448

 

 

 

$

3,348,611

 

 

 

56.5

 

%

 

$

9,800,675

 

 

 

$

6,890,729

 

 

 

42.2

 

%

Sourcing

292,278

 

 

 

279,235

 

 

 

4.7

 

%

 

535,920

 

 

 

542,125

 

 

 

(1.1

)

%

Total revenues

5,532,726

 

 

 

3,627,846

 

 

 

52.5

 

%

 

10,336,595

 

 

 

7,432,854

 

 

 

39.1

 

%

Costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

Purchased transportation and related services

4,519,305

 

 

 

2,762,590

 

 

 

63.6

 

%

 

8,400,590

 

 

 

5,762,703

 

 

 

45.8

 

%

Purchased products sourced for resale

264,245

 

 

 

250,803

 

 

 

5.4

 

%

 

484,449

 

 

 

487,745

 

 

 

(0.7

)

%

Personnel expenses

362,901

 

 

 

300,483

 

 

 

20.8

 

%

 

723,736

 

 

 

630,703

 

 

 

14.8

 

%

Other selling, general, and administrative expenses

125,671

 

 

 

125,183

 

 

 

0.4

 

%

 

243,887

 

 

 

253,476

 

 

 

(3.8

)

%

Total costs and expenses

5,272,122

 

 

 

3,439,059

 

 

 

53.3

 

%

 

9,852,662

 

 

 

7,134,627

 

 

 

38.1

 

%

Income from operations

260,604

 

 

 

188,787

 

 

 

38.0

 

%

 

483,933

 

 

 

298,227

 

 

 

62.3

 

%

Interest and other expense

(13,497

)

 

 

(10,211

)

 

 

32.2

 

%

 

(24,757

)

 

 

(25,439

)

 

 

(2.7

)

%

Income before provision for income taxes

247,107

 

 

 

178,576

 

 

 

38.4

 

%

 

459,176

 

 

 

272,788

 

 

 

68.3

 

%

Provision for income taxes

53,318

 

 

 

34,637

 

 

 

53.9

 

%

 

92,082

 

 

 

50,703

 

 

 

81.6

 

%

Net income

$

193,789

 

 

 

$

143,939

 

 

 

34.6

 

%

 

$

367,094

 

 

 

$

222,085

 

 

 

65.3

 

%

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share (basic)

$

1.45

 

 

 

$

1.07

 

 

 

35.5

 

%

 

$

2.74

 

 

 

$

1.64

 

 

 

67.1

 

%

Net income per share (diluted)

$

1.44

 

 

 

$

1.06

 

 

 

35.8

 

%

 

$

2.71

 

 

 

$

1.64

 

 

 

65.2

 

%

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding (basic)

133,275

 

 

 

135,010

 

 

 

(1.3

)

%

 

133,888

 

 

 

135,241

 

 

 

(1.0

)

%

Weighted average shares outstanding (diluted)

134,856

 

 

 

135,610

 

 

 

(0.6

)

%

 

135,276

 

 

 

135,776

 

 

 

(0.4

)

%

Business Segment Information

(unaudited, in thousands, except average headcount)

 

 

NAST

 

Global

Forwarding

 

All

Other and

Corporate

 

Consolidated

Three Months Ended June 30, 2021

 

 

 

 

 

 

 

 

Total revenues

 

$

3,585,481

 

 

$

1,450,794

 

 

$

496,451

 

 

 

$

5,532,726

 

Adjusted gross profits(1)

 

436,596

 

 

238,754

 

 

73,826

 

 

 

749,176

 

Income from operations

 

151,092

 

 

108,212

 

 

1,300

 

 

 

260,604

 

Depreciation and amortization

 

6,534

 

 

6,276

 

 

10,127

 

 

 

22,937

 

Total assets (2)

 

3,278,540

 

 

1,852,473

 

 

775,551

 

 

 

5,906,564

 

Average headcount

 

6,580

 

 

4,909

 

 

3,916

 

 

 

15,405

 

 

 

 

 

 

 

 

 

 

 

 

NAST

 

Global

Forwarding

 

All

Other and

Corporate

 

Consolidated

Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

Total revenues

 

$

2,475,292

 

 

$

707,820

 

 

$

444,734

 

 

 

$

3,627,846

 

Adjusted gross profits(1)

 

379,556

 

 

162,960

 

 

71,937

 

 

 

614,453

 

Income (loss) from operations

 

136,846

 

 

58,775

 

 

(6,834

)

 

 

188,787

 

Depreciation and amortization

 

7,201

 

 

9,206

 

 

9,351

 

 

 

25,758

 

Total assets (2)

 

2,793,290

 

 

1,029,203

 

 

1,003,196

 

 

 

4,825,689

 

Average headcount

 

6,960

 

 

4,726

 

 

3,608

 

 

 

15,294

 

Contacts

Chuck Ives, Director of Investor Relations

Email: chuck.ives@chrobinson.com

Read full story here

0 comments