Despite Economy, C.H. Robinson Profits
Despite the continuing poor economic conditions in the second quarter, C.H. Robinson managed to turn a profit overall as well as in its truck segment
Despite the continuing poor economic conditions in the second quarter, C.H. Robinson managed to turn a profit overall as well as in its truck segment.
The third party logistics company brought in $92.3 million in net income, versus $90.4 million for the same quarter in 2008. Truck net revenues, both truckload and LTL, grew 5.6 percent to $266 million in the second quarter, despite truckload volumes decreasing about five percent.
Meanwhile, C.H. Robinson's total revenue dropped 17 percent, versus the second quarter of 2008. The company's transportation revenue fell 22.8 percent from the 2008 quarter due to falling transportation rates, volume declines, and overall weak demand in the transportation market, the company says. Total transportation net revenue increased 2.9 percent to about $306 million, up from $297.5 million for the second quarter of 2008.
"A significant decline in overall transportation market demand due to the economic recession negatively impacted our volumes," the company said in a press release.
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