EDEN PRAIRIE (dpa-AFX) - C.H. Robinson Worldwide Inc. (CHRW), one of the largest transportation logistics firm in North America, Monday reported an increase in first-quarter profit, driven largely by a 5 percent revenue growth. However, earnings for the quarter fell short of Wall Street estimates by a penny, as did revenues.
Eden Prairie, Minnesota-based C.H. Robinson's first-quarter profit rose to $106.5 million or $0.73 per share from $93.2 million or $0.63 per share last year. On average, 27 analysts polled by Thomson Reuters estimated earnings of $0.74 per share for the quarter. Analysts' estimates typically exclude one-time items.
The trucking and transport company's first-quarter revenues grew 5 percent to $3.30 billion from $3.14 billion a year ago. Analysts had a consensus revenue estimate of $3.45 billion for the quarter.
Truckload revenues increased 9.6 percent in the first quarter, while revenue margin improved from a year ago, due primarily to the lower cost of fuel.
A competitive market environment and a declining market share in the trucking business continues to impact CH Robinson's bottom line.
Although, operating expenses increased 14.3 percent to $343.2 million, as a percentage of revenues it dropped to 65.4 percent from 65.7 percent a year ago.
CHRW closed Monday's trading at $68.94, down $1.71 or 2.42%, on the Nasdaq. The stock further dropped $0.19 or 0.28% in the after-hours trade.
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