C.H. Robinson Worldwide Inc., Minneapolis, MN, had big increases in revenue and income for the three months and year ended Dec. 31, 1999.
In the fourth quarter, net revenues increased 22.8 percent to $77.9 million from $63.4 million for the fourth quarter of 1998. Income from operations increased 29.3 percent to $22.7 million from $17.5 million in
1998. Net income increased 30.9 percent to $14.6 million from $11.1 million in 1998.
For 1999, net revenues increased 19.4 percent to $293.3 million from $245.7 million for 1998. Income from operations increased 22.5 percent to $83.8 million from $68.4 million in 1998, while net income increased 24 percent to $53.3 million from $43.0 million in 1998.
D.R. "Sid" Verdoorn, C.H. Robinson chairman and chief executive officer,
said the company’s “long-term growth strategy of solid internal growth, augmented by key acquisitions, is working.” He added that “transportation net revenue growth exceeded our performance goals this quarter in part because of the added contributions of our acquisitions,
including American Backhaulers, which closed in mid-December, and our European operations. Information services, which is primarily T-Chek, continues to generate strong growth.”