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C.H. Robinson Reports Third Quarter Results

Dépèche transmise le 25 octobre 2011 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, 2011.

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


	Three months ended September 30,						Nine months ended September 30,
					%						%
	2011		2010		change		2011		2010		change

Total revenues	$	2,694,928	$	2,420,357	11.3	%	$	7,768,062	$	6,948,956	11.8	%

Net revenues:
Transportation
Truck	$	321,366	$	284,200	13.1	%	$	930,168	$	785,782	18.4	%
Intermodal		10,538		9,188	14.7	%		31,000		27,109	14.4	%
Ocean		17,881		17,057	4.8	%		49,851		44,049	13.2	%
Air		9,940		11,453	-13.2	%		30,560		31,559	-3.2	%
Other logistics services		14,752		14,666	0.6	%		43,665		42,857	1.9	%
Total transportation		374,477		336,564	11.3	%		1,085,244		931,356	16.5	%
Sourcing		33,089		31,921	3.7	%		101,017		107,673	-6.2	%
Payment services		15,500		14,095	10.0	%		45,012		40,785	10.4	%
Total net revenues		423,066		382,580	10.6	%		1,231,273		1,079,814	14.0	%

Operating expenses		239,101		216,247	10.6	%		710,498		621,019	14.4	%
Operating income		183,965		166,333	10.6	%		520,775		458,795	13.5	%
Net income	$	114,347	$	102,627	11.4	%	$	322,398	$	283,865	13.6	%
Diluted EPS	$	0.70	$	0.62	12.9	%	$	1.95	$	1.71	14.0	%

Our truck net revenues, which consist of truckload and less-than-truckload (“LTL”) services, increased 13.1 percent in the third quarter of 2011. Our truckload volumes increased approximately four percent in the third quarter of 2011 compared to the third quarter of 2010. Our truckload net revenue margin decreased slightly in the third quarter of 2011 compared to the third quarter of 2010. Excluding the estimated impacts of the change in fuel, our truckload pricing to our customers increased approximately four percent in the third quarter of 2011 compared to the third quarter of 2010. Our truckload transportation costs increased approximately three percent, excluding the estimated impacts of the change in fuel. Our LTL net revenues increased approximately 28 percent. The increase was driven by an increase in total shipments of approximately 15 percent and pricing increases.

Our intermodal net revenue increased 14.7 percent in the third quarter of 2011. This was due to increased volumes and price increases.

Our ocean transportation net revenues increased 4.8 percent in the third quarter of 2011, driven primarily by increased volumes.

Our air transportation net revenue decreased 13.2 percent in the third quarter of 2011 due to decreased volumes and net revenue margin compression.

Other logistics services, which include transportation management fees, customs, warehousing, and small parcel, increased 0.6 percent in the third quarter of 2011. Increases in our management fee and customs net revenues were largely offset by declines in the other services in this category.

For the third quarter, our Sourcing revenues increased 5.0 percent. Sourcing net revenues increased 3.7 percent to $33.1 million in 2011 from $31.9 million in 2010, primarily driven by a change in our mix of business due to an increase in value-added services. On September 26, 2011, we acquired Timco Worldwide, a leading melon category provider, in Davis, California.

Our Payment Services revenues increased 10.0 percent in the third quarter of 2011 primarily due to increases in some fees that are impacted by fuel prices and an increase in MasterCard® transactions.

For the third quarter, operating expenses increased 10.6 percent to $239.1 million in 2011 from $216.2 million in 2010. This was due to an increase of 10.0 percent in personnel expense and an increase of 12.3 percent in other selling, general, and administrative expenses. For the third quarter, operating expenses as a percentage of net revenues were 56.5 percent in both 2011 and 2010.

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 36,000 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 49,000 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, including uncertain consumer demand; 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 increasing costs 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 2011 Earnings Conference Call
Tuesday, October 25, 2011 5:00 pm. Eastern Time
The call will be limited to 60 minutes, including questions and answers.

Presentation slides and a simultaneous live audio webcast of the conference call may be accessed through the Investor Relations link on C.H. Robinson’s website at www.chrobinson.com
To participate in the conference call by telephone, please call ten minutes early by dialing: 888-549-7750. Callers should reference the conference ID, which is 4478446
Webcast replay available through Investor Relations link at www.chrobinson.com
Telephone audio replay available until 12:59 a.m. Eastern Time on October 29: 800-406-7325; passcode: 4478446#


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

	Three months ended				Nine months ended
	September 30,				September 30,
	2011		2010		2011		2010

Revenues:
Transportation	$	2,280,208	$	2,026,154	$	6,540,266	$	5,629,334
Sourcing		399,220		380,108		1,182,784		1,278,837
Payment Services		15,500		14,095		45,012		40,785
Total revenues		2,694,928		2,420,357		7,768,062		6,948,956
Costs and expenses:
Purchased transportation and related services		1,905,731		1,689,590		5,455,022		4,697,978
Purchased products sourced for resale		366,131		348,187		1,081,767		1,171,164
Personnel expenses		178,117		161,947		532,171		462,793
Other selling, general, and administrative expenses		60,984		54,300		178,327		158,226
Total costs and expenses		2,510,963		2,254,024		7,247,287		6,490,161

Income from operations		183,965		166,333		520,775		458,795

Investment and other income		50		149		601		986

Income before provision for income taxes		184,015		166,482		521,376		459,781
Provision for income taxes		69,668		63,855		198,978		175,916
Net income	$	114,347	$	102,627	$	322,398	$	283,865

Net income per share (basic)	$	0.70	$	0.62	$	1.96	$	1.72
Net income per share (diluted)	$	0.70	$	0.62	$	1.95	$	1.71
Weighted average shares outstanding (basic)		163,948		164,691		164,512		164,968
Weighted average shares outstanding (diluted)		164,471		165,576		165,094		165,985


CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)

	September 30,		December 31,
	2011		2010
Assets
Current assets:
Cash and cash equivalents	$	382,737	$	398,607
Available-for-sale securities		-		9,290
Receivables, net		1,238,079		1,036,070
Other current assets		35,932		37,801
Total current assets		1,656,748		1,481,768

Property and equipment, net		114,806		114,333
Intangible and other assets		407,884		399,598
Total Assets	$	2,179,438	$	1,995,699

Liabilities and stockholders’ investment
Current liabilities:
Accounts payable and outstanding checks	$	740,977	$	627,561
Accrued compensation		105,439		96,991
Other accrued expenses		50,293		47,055
Total current liabilities		896,709		771,607

Long term liabilities		14,505		20,024
Total liabilities		911,214		791,631

Total stockholders’ investment		1,268,224		1,204,068
Total liabilities and stockholders’ investment	$	2,179,438	$	1,995,699


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

	Nine months ended
	September 30,
	2011		2010
Operating activities:
Net income	$	322,398	$	283,865
Stock-based compensation		32,074		22,568
Depreciation and amortization		23,714		22,113
Provision for doubtful accounts		6,916		11,442
Other non-cash expenses, net		94		10,782
Net changes in operating elements		(91,641)		(213,634)
Net cash provided by operating activities		293,555		137,136

Investing activities:
Purchases of property and equipment		(17,402)		(14,000)
Purchases and development of software		(11,679)		(7,715)
Purchases of available-for-sale securities		-		(10,752)
Sales/maturities of available-for-sale securities		9,311		28,230
Restricted cash		5,000		(5,000)
Other		161		(12)
Net cash used for investing activities		(14,609)		(9,249)

Financing activities:
Payment of contingent purchase price		(4,318)		-
Net repurchases of common stock		(154,982)		(96,822)
Excess tax benefit on stock-based compensation		12,967		9,497
Cash dividends		(146,318)		(126,709)
Net cash used for financing activities		(292,651)		(214,034)
Effect of exchange rates on cash		(2,165)		(1,728)

Net change in cash and cash equivalents		(15,870)		(87,875)
Cash and cash equivalents, beginning of period		398,607		337,308
Cash and cash equivalents, end of period	$	382,737	$	249,433


	As of September 30,
	2011		2010
Operational Data:
Employees		8,120		7,589
Branches		235		232

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