Transportation and freighting company C.H. Robinson Worldwide Inc. reported a 45 percent jump in third-quarter earnings, citing strong demand for its international air and shipping services.
C.H. Robinson said Tuesday, Oct. 25 that net earnings for the quarter rose to $54.1 million, or 31 cents a share, from $37.3 million, or 22 cents, a year ago. The per-share results are calculated to take into account the company’s two-for-one split of its common stock on Oct. 17. Sales for the three months ended Sept. 30 totaled $1.49 billion, up from $1.12 billion a year ago. Analysts polled by Thomson First Call had on average expected the Eden Prairie, Minn.-based company to report earnings of 27 cents a share on $1.39 billion in sales.
Overall, the company’s transportation gross profits rose 31.9 percent to $198 million, led by a 50 percent jump in profit its international ship and air businesses. The company said its intermodal operations rose 19.6 percent, with higher margins overcoming a drop in volume. Trucking operations posted a gross profit increase of 31.4 percent, driven by high volume and tight market capacity, the company said.