Third-party logistics provider C.H. Robinson Worldwide on Tuesday, Feb. 2, reported fourth-quarter net income of $87.7 million, down slightly from $88.9 million during the same period a year ago. Revenue rose about 3 percent to $2.01 billion.
“We’re proud of our results in 2009,” said John P. Wiehoff, chairman and chief executive officer of Minneapolis-based C.H. Robinson. “Our focus on gaining market share through sales and account management, our variable-cost business model and our expanded menu of services enabled us to be flexible and continue to find opportunities in the marketplace.”
The company said it was weighed down by a weak freight market, but that volumes continued to accelerate in its North American truckload services during the quarter and into January. On a per-business-day basis in January, total net revenue was roughly flat, the company said. “Although we’re pleased with our continued volume growth, our margin comparisons will continue to be challenging,” Wiehoff said.
The company said total revenues increased 2.7 but that transportation revenue was flat, driven by falling transportation rates offset by volume increases in many of the company’s transportation modes. Transportation rates declined primarily due to decreased pricing to customers and a reduction in fuel prices.