CH Robinson's quarterly profit beats view on improved pricing
CH Robinson's quarterly profit beats view on improved pricing July 29 (Reuters) - Freight forwarding firm CH Robinson Worldwide CHRW.O reported a bigger-than-expected quarterly profit on Wednesday, as a tightening of supply in the trucking market lifted rates.
The company, the largest freight broker in the U.S., gets about three-quarters of its revenue from the North American Surface Transportation segment.
Here are some details:
The company was helped by its AI-led cost-cutting efforts that have automated shipment pricing, coordination of pickups and deliveries, as well as monitoring cargo in transit, CEO Dave Bozeman said in a statement.
The Minnesota-based company's adjusted profit rose to $1.61 per share, above analysts' expectation of $1.52, according to data compiled by LSEG.
Quarterly revenue rose 21% to $4.93 billion, led by a 23% rise in North America Surface Transport.
Industrial demand has held strong and trucking rates has firmed up due to regulatory action that has drastically reduced the supply of truck drivers.
Shares of the company were up 0.7% in extended trading.
(Reporting by Nandan Mandayam in Bengaluru)
((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))