EDEN PRAIRIE (dpa-AFX) - Logistics company C.H. Robinson Worldwide Inc. (CHRW), Tuesday reported a drop in profit for the second quarter, as higher expenses more than offset strong growth in revenues. Both earnings and revenue for the quarter came in short of Wall Street estimates.
Eden Prairie, Minnesota-based C.H. Robinson's second-quarter profit dropped to $111.9 million or $0.70 per share from $114.6 million or $0.71 per share last year. Analysts polled by Thomson Reuters expected the company to earn $0.74 per share for the quarter. Analysts' estimates typically exclude one-time items.
C.H. Robinson's revenues for the quarter rose 11.3 percent to $3.29 billion from $2.96 billion last year. Analysts expected revenues of $3.34 billion for the quarter.
The higher revenues were driven mainly by strong growth at ocean, air and customs segments, as well as from its key trucking business.
Total transportation revenues improved to $2.82 billion, with ocean and air division revenues improving 189.7 percent and 91 percent respectively. Customs revenue surged 148.3 percent.
Total costs and expenses for the quarter rose to $3.11 billion from $2.77 billion last year.
CHRW closed Tuesday's regular trade at $59.58, down $0.08 or 0.13%, on the Nasdaq. The stock further dropped $1.53 or 2.57% in after-hours trade.
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