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C.H. Robinson Reports Second Quarter Results

Dépèche transmise le 21 juillet 2009 par Business Wire

MINNEAPOLIS--(BUSINESS WIRE)--C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (NASDAQ: CHRW), today reported financial results for the quarter ended June 30, 2009.

Summarized financial results for the quarter ended June 30 are as follows (dollars in thousands, except per share data):

       
Three months ended June 30, Six months ended June 30,
    %     %
2009 2008 change 2009 2008

change

 
Total revenues $ 1,926,020 $ 2,321,706 -17.0 % $ 3,614,020 $ 4,306,918 -16.1 %
 

Net revenues:

Transportation
Truck $ 266,226 $ 252,204 5.6 % $ 522,585 $ 511,527 2.2 %
Intermodal 8,457 10,700 -21.0 % 18,258 19,878 -8.1 %
Ocean 12,947 14,034 -7.7 % 27,174 26,289 3.4 %
Air 7,748 9,711 -20.2 % 15,085 17,761 -15.1 %
Miscellaneous   10,845   10,833 0.1 %   20,815   20,700 0.6 %
Total transportation 306,223 297,482 2.9 % 603,917 596,155 1.3 %
Sourcing 34,048 30,285 12.4 % 64,617 57,338 12.7 %
Information services   11,433   13,419 -14.8 %   21,773   25,722 -15.4 %
Total net revenues $ 351,704 $ 341,186 3.1 % $ 690,307 $ 679,215 1.6 %
 

Operating expenses

 

201,820

 

196,680

2.6

%

 

403,055

 

398,632

1.1

%

Operating income $ 149,884 $ 144,506 3.7 % $ 287,252 $ 280,583 2.4 %
Net income $ 92,253 $ 90,418 2.0 % $ 177,636 $ 176,736 0.5 %
Diluted EPS $ 0.54 $ 0.52 3.8 % $ 1.04 $ 1.02 2.0 %
 

Our consolidated total revenues decreased 17.0 percent in the second quarter of 2009 compared to the second quarter of 2008. Our Transportation revenue decline of 22.8 percent in the second quarter of 2009 was driven by falling transportation rates and volume declines in many of our transportation modes. Due primarily to a reduction in fuel prices compared to the prior year, transportation rates declined. We also reduced prices to our customers. A significant decline in overall transportation market demand due to the economic recession negatively impacted our volumes.

Our Sourcing revenues increased 12.1 percent in the second quarter of 2009 primarily due to volume growth. Our Information Services revenues decreased 14.8 percent in the second quarter of 2009. The decrease was driven by declines in transactions and lower fuel prices.

Total Transportation net revenues increased 2.9 percent to $306.2 million in the second quarter of 2009 from $297.5 million in the second quarter of 2008. Our Transportation net revenue margin increased to 20.6 percent in 2009 from 15.4 percent in 2008 largely driven by a decline in fuel prices and a lower cost of capacity.

Our truck net revenues, which consist of truckload and less-than-truckload (“LTL”) services, increased 5.6 percent in the second quarter of 2009. Our truckload volumes decreased approximately 5 percent. Our truckload net revenue margins increased due to lower fuel prices and lower cost of capacity. Excluding the estimated impacts of fuel, on average our truckload rates decreased approximately 5 percent in the second quarter of 2009. Our LTL net revenues decreased slightly. The decrease was driven by price declines, partially offset by volume increases. Our LTL net revenue margin was relatively consistent with the second quarter of 2008.

Our intermodal net revenue decrease of 21.0 percent in the second quarter was driven largely by price declines, combined with slight volume decreases. Net revenue margin was relatively consistent with the second quarter of 2008.

Our ocean transportation net revenues decreased 7.7 percent in the second quarter of 2009 driven by decreased volumes, partially offset by margin expansion. Excluding our previously announced acquisition of Transera International Holdings Ltd. (“Transera”) on August 1, 2008 and Walker Logistics Overseas Ltd. (“Walker”) on June 12, 2009, our ocean transportation net revenues would have declined approximately 23 percent. Our ocean net revenue margins increased due to lower cost of capacity.

Our air transportation net revenue decrease of 20.2 percent in the second quarter of 2009 was driven by decreased volumes, partially offset by the impact of the acquisitions of Transera and Walker, and increased net revenue margins. Excluding acquisitions, our air transportation net revenues decreased approximately 26.5 percent.

For the second quarter, Sourcing net revenues increased 12.4 percent to $34.0 million in 2009 from $30.3 million in 2008. This increase was driven primarily by volume growth.

Our Information Services net revenues decreased 14.8 percent in the second quarter of 2009. The decrease was driven by declines in transactions. Lower fuel prices also impacted our growth, as some of our merchant fees are based on a percentage of the total sale amount.

For the second quarter, operating expenses increased 2.6 percent to $201.8 million in 2009 from $196.7 million in 2008. This was due to an increase of 3.6 percent in personnel expenses and a decrease of 0.2 percent in selling, general, and administrative expenses.

As a percentage of net revenues, total operating expenses decreased slightly to 57.4 percent in the second quarter of 2009 from 57.6 percent in the second quarter of 2008. This decrease was due to a decrease in our selling, general, and administrative expenses as a percentage of net revenues from 14.7 percent in 2008 to 14.2 percent in 2009.

As previously announced, on June 12, 2009 we acquired Walker Logistics Overseas, Ltd. Walker is a global freight forwarding company specializing in air and ocean freight, warehousing, courier, and logistics solutions. Walker is headquartered in the United Kingdom and has approximately 75 employees. On July 7, 2009, we acquired certain assets of International Trade & Commerce, Inc. ("ITC"). ITC is a United States customs brokerage company specializing in warehousing and distribution and cross-border services between the United States and Mexico. ITC is headquartered in Laredo, Texas and has approximately 40 employees and staff.

Founded in 1905, C.H. Robinson Worldwide, Inc., is one of the largest non-asset based third party logistics companies in the world. C.H. Robinson is a global provider of multimodal transportation services and logistics solutions, currently serving over 32,000 customers through a network of 233 offices in North America, South America, Europe, Asia, Australia, and the Middle East. C.H. Robinson maintains one of the largest networks of motor carrier capacity in North America and works with over 50,000 transportation providers worldwide.

Except for the historical information contained herein, the matters set forth in this release are forward-looking statements that represent our expectations, beliefs, intentions or strategies concerning future events. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience or our present expectations, including, but not limited to such factors as changes in economic conditions such as the current recession and decreased consumer confidence, changes in market demand and pressures on the pricing for our services; competition and growth rates within the third party logistics industry; freight levels and availability of truck capacity or alternative means of transporting freight, and changes in relationships with existing truck, rail, ocean and air carriers; changes in our customer base due to possible consolidation among our customers; our ability to integrate the operations of acquired companies with our historic operations successfully; risks associated with litigation and insurance coverage; risks associated with operations outside of the U.S.; risks associated with the potential impacts of changes in government regulations; risks associated with the produce industry, including food safety and contamination issues; fuel prices and availability; and the impact of war on the economy; and other risks and uncertainties detailed in our Annual and Quarterly Reports.

Conference Call Information:
C.H. Robinson Worldwide Second Quarter 2009 Earnings Conference Call
Tuesday, July 21, 2009 5:00 p.m. Eastern time
Live webcast available through Investor Relations link at www.chrobinson.com
Telephone access: 877-941-2333; conference ID 4099798
Webcast replay available through August 4, 2008; Investor Relations link at www.chrobinson.com
Telephone audio replay available until 12:59 a.m. Eastern Time on July 24, 2009: 800-406-7325;
passcode: 4099798#

 
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands, except per share data)
 
    Three months ended     Six months ended
June 30, June 30,
2009   2008 2009   2008
 
Revenues:
Transportation $ 1,487,577 $ 1,927,354 $ 2,806,103 $ 3,568,966
Sourcing 427,010 380,933 786,144 712,230
Information Services   11,433   13,419   21,773   25,722
Total revenues   1,926,020   2,321,706   3,614,020   4,306,918
Costs and expenses:
Purchased transportation and related services 1,181,354 1,629,872 2,202,186 2,972,811
Purchased products sourced for resale 392,962 350,648 721,527 654,892
Personnel expenses 151,743 146,521 304,966 300,275
Other selling, general, and administrative expenses  

50,077

 

50,159

 

98,089

 

98,357

Total costs and expenses   1,776,136   2,177,200   3,326,768   4,026,335
 
Income from operations   149,884   144,506   287,252   280,583
 
Investment and other income   729   1,709   1,219   4,183
 
Income before provision for income taxes 150,613 146,215 288,471 284,766
Provision for income taxes   58,360   55,797   110,835   108,030
Net income $ 92,253 $ 90,418 $ 177,636 $ 176,736
 
Net income per share (basic) $ 0.55 $ 0.53 $ 1.05 $ 1.04
Net income per share (diluted) $ 0.54 $ 0.52 $ 1.04 $ 1.02
Weighted average shares outstanding (basic) 167,972 169,731 168,422 169,794
Weighted average shares outstanding (diluted) 169,584 173,483 170,089 173,747
 
 
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)
       
June 30, December 31,
2009 2008
Assets
Current assets:
Cash and cash equivalents $ 356,871 $ 494,743
Available-for-sale securities 592 2,644
Receivables, net 920,686 828,884
Other current assets   38,726   21,600
Total current assets 1,316,875 1,347,871
 
Property and equipment, net 111,795 104,088
Intangible and other assets   375,001   363,762
Total Assets $ 1,803,671 $ 1,815,721
 
Liabilities and stockholders’ investment
Current liabilities:
Accounts payable and outstanding checks $ 595,440 $ 568,758
Accrued compensation 59,179 93,431
Other accrued expenses   35,434   35,464
Total current liabilities 690,053 697,653
 
Long term liabilities   12,309   10,847
Total liabilities 702,362 708,500
 
Total stockholders’ investment   1,101,309   1,107,221
Total liabilities and stockholders’ investment $ 1,803,671 $ 1,815,721
 
 
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited, in thousands, except operational data)
   
Six months ended
June 30,
2009     2008
Operating activities:
Net income $ 177,636 $ 176,736
Stock-based compensation 11,667 12,596
Depreciation and amortization 14,654 15,370
Provision for doubtful accounts 9,908 5,658
Other non-cash expenses, net (4,671 ) 5,559
Net changes in operating elements   (122,857 )   (152,734 )
Net cash provided by operating activities 86,337 63,185
 
Investing activities:
Net property additions (20,025 ) (11,053 )
Purchases of available-for-sale securities - (110,317 )
Sales/maturities of available-for-sale securities 2,146 187,777
Cash paid for acquisition, net (12,412 ) (9,915 )
Other assets, net   39     651  
Net cash (used for) provided by investing activities (30,252 ) 57,143
 
Financing activities:
Net repurchases of common stock (113,811 ) (78,348 )
Excess tax benefit from stock-based compensation plans 4,226 8,506
Cash dividends   (80,848 )   (75,803 )
Net cash used for financing activities (190,433 ) (145,645 )
Effect of exchange rates on cash   (3,524 )   5,145  
 
Net change in cash and cash equivalents (137,872 ) (20,172 )
Cash and cash equivalents, beginning of period   494,743     <

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