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C.H. Robinson Reports Third Quarter Results

Dépèche transmise le 20 octobre 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 September 30, 2009.

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


	Three months ended						Nine months ended
	September 30,						September 30,
					%						%
	2009		2008		change		2009		2008		change

Total revenues	$	1,954,803	$	2,316,593	-15.6	%	$	5,568,823	$	6,623,511	-15.9	%

Net revenues:
Transportation
Truck		268,055		262,500	2.1	%		790,640		774,027	2.1	%
Intermodal		8,350		11,952	-30.1	%		26,608		31,830	-16.4	%
Ocean		13,404		17,164	-21.9	%		40,578		43,453	-6.6	%
Air		8,309		8,474	-1.9	%		23,394		26,235	-10.8	%
Miscellaneous		11,714		10,297	13.8	%		32,529		30,997	4.9	%
Total transportation		309,832		310,387	-0.2	%		913,749		906,542	0.8	%
Sourcing		30,860		28,223	9.3	%		95,477		85,561	11.6	%
Information services		11,874		12,978	-8.5	%		33,647		38,700	-13.1	%
Total net revenues		352,566		351,588	0.3	%		1,042,873		1,030,803	1.2	%

Operating expenses		197,765		202,969	-2.6	%		600,820		601,601	-0.1	%
Operating income		154,801		148,619	4.2	%		442,053		429,202	3.0	%
Net income	$	95,460	$	93,560	2.0	%	$	273,096	$	270,296	1.0	%
Diluted EPS	$	0.57	$	0.54	5.6	%	$	1.61	$	1.56	3.2	%

Our consolidated total revenues decreased 15.6 percent in the third quarter of 2009 compared to the third quarter of 2008. Our Transportation revenue decline of 20.0 percent in the third quarter of 2009 was driven by falling transportation rates and volume declines in many of our transportation modes. Transportation rates declined primarily due to a reduction in fuel prices. Our pricing to our customers also decreased due to a significant decline in overall transportation market demand as a result of the economic recession. Weak demand also negatively impacted our volumes.

Our Sourcing revenues increased 8.4 percent in the third quarter of 2009 primarily due to volume growth. Our Information Services revenues decreased 8.5 percent in the third quarter of 2009. The decrease was driven by lower fuel prices and declines in transactions.

Total Transportation net revenues decreased 0.2 percent to $309.8 million in the third quarter of 2009 from $310.4 million in the third quarter of 2008. Our Transportation net revenue margin increased to 19.8 percent in 2009 from 15.9 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 2.1 percent in the third quarter of 2009. Our truckload volumes were relatively consistent with the third quarter of 2008. 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 7 percent in the third quarter of 2009 compared to the third quarter of 2008. Our LTL net revenues decreased slightly. The decrease was driven by price declines, largely offset by volume increases. Our LTL net revenue margin was relatively consistent with the third quarter of 2008.

Our intermodal net revenue decrease of 30.1 percent in the third quarter was driven largely by price declines, combined with volume decreases. Net revenue margin was relatively consistent with the third quarter of 2008.

Our ocean transportation net revenues decreased 21.9 percent in the third quarter of 2009 driven by decreased volumes and price declines. Excluding our previously announced acquisition of Walker Logistics Overseas Ltd. (“Walker”) on June 12, 2009, our ocean transportation net revenues would have declined approximately 24.3 percent. Our ocean net revenue margins increased due to lower cost of capacity.

Our air transportation net revenue declined 1.9 percent in the third quarter of 2009. Excluding the Walker acquisition, our volumes declined and our air transportation net revenues decreased approximately 13.3 percent.

For the third quarter, Sourcing net revenues increased 9.3 percent to $30.9 million in 2009 from $28.2 million in 2008. This increase was driven primarily by volume growth and the acquisition of Rosemont Farms Corporation, Inc. (“Rosemont”) on September 15, 2009.

Our Information Services net revenues decreased 8.5 percent in the third quarter of 2009. The decrease was driven by declines in transactions and lower fuel prices, as some of our merchant fees are based on a percentage of the total sale amount.

For the third quarter, operating expenses decreased 2.6 percent to $197.8 million in 2009 from $203.0 million in 2008. This was due to a decrease of 2.4 percent in personnel expenses and a decrease of 3.2 percent in other selling, general, and administrative expenses. As a percentage of net revenues, total operating expenses decreased slightly to 56.1 percent in the third quarter of 2009 from 57.7 percent in the third quarter of 2008.

On September 14, 2009, we acquired certain assets of Rosemont Farms Corporation, Inc., a produce marketing company, and its sister company Quality Logistics, LLC, a non-asset based transportation provider that focuses on produce transportation. Rosemont is headquartered in Boca Raton, Florida and has approximately 100 employees.

During the third quarter of 2009, the C.H. Robinson Board of Directors authorized management to repurchase an additional 10,000,000 shares. These repurchases are expected to take place over multiple years. We are currently purchasing shares under the 2007 authorization of 10,000,000 shares. There are approximately 2,700,000 shares remaining under the 2007 authorization.

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 235 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 Third Quarter 2009 Earnings Conference Call
Tuesday, October 20, 2009 5:00 p.m. Eastern time
Live webcast available through Investor Relations link at www.chrobinson.com
Telephone access: 877-941-6009; conference ID 4164763
Webcast replay available through November 3, 2009; Investor Relations link at www.chrobinson.com
Telephone audio replay available until 12:59 a.m. Eastern Time on October 23, 2009: 800-406-7325; passcode: 4164763#


CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited, in thousands, except per share data)


	Three months ended				Nine months ended
	September 30,				September 30,
	2009		2008		2009		2008

Revenues:
Transportation	$	1,563,335	$	1,953,555	$	4,369,438	$	5,522,521
Sourcing		379,594		350,060		1,165,738		1,062,290
Information Services		11,874		12,978		33,647		38,700
Total revenues		1,954,803		2,316,593		5,568,823		6,623,511
Costs and expenses:
Purchased transportation and related services		1,253,503		1,643,168		3,455,689		4,615,979
Purchased products sourced for resale		348,734		321,837		1,070,261		976,729
Personnel expenses		148,750		152,331		453,716		452,606
Other selling, general, and administrative expenses		49,015		50,638		147,104		148,995
Total costs and expenses		1,800,002		2,167,974		5,126,770		6,194,309

Income from operations		154,801		148,619		442,053		429,202

Investment and other income		439		1,595		1,658		5,778

Income before provision for income taxes		155,240		150,214		443,711		434,980
Provision for income taxes		59,780		56,654		170,615		164,684
Net income	$	95,460	$	93,560	$	273,096	$	270,296

Net income per share (basic)	$	0.57	$	0.55	$	1.62	$	1.60
Net income per share (diluted)	$	0.57	$	0.54	$	1.61	$	1.56
Weighted average shares outstanding (basic)		167,191		168,864		168,168		169,432
Weighted average shares outstanding (diluted)		168,648		172,446		169,746		173,236


CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)


	September 30,		December 31,
	2009		2008
Assets
Current assets:
Cash and cash equivalents	$	376,274	$	494,743
Available-for-sale securities		11,918		2,644
Receivables, net		884,565		828,884
Other current assets		39,523		21,600
Total current assets		1,312,280		1,347,871

Property and equipment, net		118,785		104,088
Intangible and other assets		410,968		363,762
Total Assets	$	1,842,033	$	1,815,721

Liabilities and stockholders’ investment
Current liabilities:
Accounts payable and outstanding checks	$	590,798	$	568,758
Accrued compensation		79,249		93,431
Other accrued expenses		27,974		35,464
Total current liabilities		698,021		697,653

Long term liabilities		25,769		10,847
Total liabilities		723,790		708,500

Total stockholders’ investment		1,118,243		1,107,221
Total liabilities and stockholders’ investment	$	1,842,033	$	1,815,721

Actualités

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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited, in thousands, except operational data)


	Nine months ended
	September 30,
	2009			2008
Operating activities:
Net income	$	273,096		$	270,296
Stock-based compensation		17,187			16,562
Depreciation and amortization		22,195			23,198
Provision for doubtful accounts		13,626			9,982
Other non-cash change, net		(2,238	)		4,810
Net changes in operating elements		(81,495	)		(149,517	)
Net cash provided by operating activities		242,371			175,331

Investing activities:
Net property additions		(28,993	)		(16,108	)
Purchases of available-for-sale securities		(11,915	)		(136,954	)
Sales/maturities of available-for-sale securities		2,763			250,489
Cash paid for acquisition, net		(43,537	)		(59,696	)
Other assets, net		213			677
Net cash (used for) provided by investing activities		(81,469	)		38,408

Financing activities:
Repayment of acquired line of credit		-			(9,383	)
Net repurchases of common stock		(162,723	)		(130,477	)
Excess tax benefit from stock-based compensation plans		8,052			9,802
Cash dividends		(122,023	)		(113,477	)
Net cash used for financing activities		(276,694	)		(243,535	)
Effect of exchange rates on cash		(2,677	)		2,828

Net change in cash and cash equivalents		(118,469	)		(26,968	)
Cash and cash equivalents, beginning of period		494,743			338,885
Cash and cash equivalents, end of period	$	376,274