EDEN PRAIRIE (dpa-AFX) - Freight transportation and logistics company C.H. Robinson Worldwide, Inc. (CHRW) said Tuesday after the markets closed that its fourth quarter profit fell 64% from last year, when results were boosted by a gain from the divestiture of its T-Chek Payment Services business.
The company's quarterly earnings per share also came in below analysts' expectations as did its quarterly revenue.
C.H. Robinson shares are currently losing 6.04% in after hours trading after closing the day's regular trading session at $58.64, up 91 cents or 1.58%. The shares trade in a 52-week range of $53.74 to $67.38.
For the fourth quarter ended December 31, 2013, the company reported net income of $93.0 million or $0.62 per share, compared to $256.4 million or $1.58 per share for the year-ago quarter.
On average, 28 analysts polled by Thomson Reuters expected the company to earn $0.68 per share for the fourth quarter.
Total revenue for the fourth quarter rose 6.1% to $3.15 billion from $2.97 billion in the same quarter last year. Nineteen analysts had a consensus revenue estimate of $3.27 billion for the fourth quarter.
The company's truckload net revenues for the fourth quarter fell 5.6% year-over-year, but its truckload volumes increased about 7%.
Less-than-truckload net revenues for the quarter rose 3.2%, driven by an increase in total shipments of about 4%.
Fourth quarter intermodal net revenues increased 9.4% due to increased net revenue margin, partially offset by decreased volumes.
The company's ocean transportation net revenues increased 37.6%, air transportation net revenues climbed 12.8% and its customs net revenues jumped 36.7%, mainly due to its November 2012 acquisition of Phoenix International Freight Services, Ltd
Sourcing net revenues for the quarter fell 15.5%, while the company's Payment Services net revenues dropped 46.5% from a year earlier.
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