The third party logistics provider C.H. Robinson Worldwide Inc. reported on Tuesday a 21.5% increase in net income for the final quarter of last year while it improved 8.1% for all of 2014.
Fourth quarter net income totaled $113 million compared to $93 million a year earlier while revenue moved higher by 6.5% to $3.36 billion. Earnings per diluted share increased to 77 cents from 62 cents.
For all of 2014, the Minnesota-based company posted total revenue of $13.5 billion, a 5.6% gain from the year before, while net income was $449.7 million compared $416.9, during the same time frame. Earnings per diluted share increased to $3.06 from $2.65.
“2014 was a very good year for us. We were successful in achieving our long term target of double digit earnings per share growth and we made good progress with many strategic initiatives,” said John P. Wiehoff, chairman and CEO. “We did a great job of adjusting to very significant changes in North America surface transportation market conditions.”
The company’s truckload net revenues increased 15.3% in the fourth quarter of 2014 compared to the year before with its North America truckload volume increasing approximately 3%.
“In North America, excluding the estimated impacts of the change in fuel, our average truckload rate per mile charged to our customers increased approximately 12% in the fourth quarter of 2014 compared to the fourth quarter of 2013,” he said. “In North America, our truckload transportation costs increased approximately 11%, excluding the estimated impacts of the change in fuel."
C.H. Robinson saw its less-than-truckload net revenues increase 7.8% in the fourth quarter of 2014 compared to the fourth quarter of 2013. The increase was driven by a four percent increase in total shipments, and increased customer pricing, partially offset by higher costs, according to the company.
The company’s intermodal net revenues increased 3.8% in the fourth quarter of 2014 from a year earlier and were attributed as primarily being driven by increased operational improvements and customer pricing.
In the final quarter of last year compared to the fourth quarter of 2013, the company also reported a 22.8% hike in ocean revenue, a 7.9% gain in air transportation revenue and a 4% increase in logistics services revenue.