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C.H. Robinson Reports Second Quarter Results

Dépèche transmise le 26 juillet 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 June 30, 2011.

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,
					%						%
	2011		2010		change		2011		2010		change

Total revenues	$	2,707,662	$	2,453,982	10.3	%	$	5,073,134	$	4,528,599	12.0	%
Net revenues:
Transportation
Truck	$	314,302	$	259,917	20.9	%	$	608,802	$	501,582	21.4	%
Intermodal		10,862		9,425	15.2	%		20,462		17,921	14.2	%
Ocean		16,400		14,470	13.3	%		31,970		26,992	18.4	%
Air		11,435		11,271	1.5	%		20,620		20,106	2.6	%
Other logistics services		14,848		14,772	0.5	%		28,913		28,191	2.6	%
Total transportation		367,847		309,855	18.7	%		710,767		594,792	19.5	%
Sourcing		34,929		40,814	-14.4	%		67,928		75,752	-10.3	%
Payment services		15,090		13,964	8.1	%		29,512		26,690	10.6	%
Total net revenues		417,866		364,633	14.6	%		808,207		697,234	15.9	%

Operating expenses		237,771		208,178	14.2	%		471,397		404,772	16.5	%
Operating income		180,095		156,455	15.1	%		336,810		292,462	15.2	%
Net income	$	111,023	$	97,226	14.2	%	$	208,051	$	181,238	14.8	%
Diluted EPS	$	0.67	$	0.59	13.6	%	$	1.26	$	1.09	15.6	%

Our truck net revenues, which consist of truckload and less-than-truckload (“LTL”) services, increased 20.9 percent in the second quarter of 2011. Our truckload volumes increased 3.5 percent in the second quarter of 2011 compared to the second quarter of 2010. Our truckload net revenue margin increased slightly in the second quarter of 2011 compared to the second quarter of 2010. Excluding the estimated impacts of the change in fuel, our truckload pricing to our customers increased approximately six percent in the second quarter of 2011 compared to the second quarter of 2010. Our truckload transportation costs increased approximately four 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 14 percent, pricing increases, and an increase in our net revenue margin.

Our intermodal net revenue increased 15.2 percent due to increased net revenue margin and price increases. Price increases were driven by market conditions and the increased price of fuel. Intermodal volumes increased slightly over the second quarter of 2010.

Our ocean transportation net revenues increased 13.3 percent in the second quarter of 2011, driven by higher pricing, partially offset by volume declines.

Our air transportation net revenue increased 1.5 percent in the second quarter of 2011 due to higher pricing and increased net revenue margin, largely offset by decreased volumes.

For the second quarter, our Sourcing revenues decreased 11.0 percent. Sourcing net revenues decreased 14.4 percent to $34.9 million in 2011 from $40.8 million in 2010, primarily due to decreased volumes with a large customer.

Our Payment Services revenues increased 8.1 percent in the second quarter of 2011 due to increases in some fees that are impacted by fuel prices and an increase in transactions.

For the second quarter, operating expenses increased 14.2 percent to $237.8 million in 2011 from $208.2 million in 2010. This was due to an increase of 16.1 percent in personnel expense and an increase of 8.8 percent in other selling, general, and administrative expenses. Personnel expenses related to our various incentive plans, including restricted stock, increased compared to last year. Many of these plans are variable based on growth in our earnings. Our average headcount for the second quarter of 2011 increased 6.6 percent to 7,898 from 7,408 in 2010.

For the second quarter, other selling, general, and administrative expenses increased to $58.8 million from $54.1 million in the second quarter of 2010. As a percentage of net revenues, selling, general, and administrative expenses decreased to 14.1 percent from 14.8 percent in 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 232 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 Second Quarter 2011 Earnings Conference Call
Tuesday, July 26, 2011 5:00 pm. Eastern Time
The call will be limited to 60 minutes, including questions and answers.

Presentation slides and a 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 4452992
Webcast replay available through Investor Relations link at www.chrobinson.com
Telephone audio replay available until 12:59 a.m. Eastern Time on July 29: 800-406-7325; passcode: 4452992#

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

	Three months ended				Six months ended
	June 30,				June 30,
	2011		2010		2011		2010

Revenues:
Transportation	$	2,269,036	$	1,963,944	$	4,260,058	$	3,603,180
Sourcing		423,536		476,074		783,564		898,729
Payment Services		15,090		13,964		29,512		26,690
Total revenues		2,707,662		2,453,982		5,073,134		4,528,599
Costs and expenses:
Purchased transportation and related services		1,901,189		1,654,089		3,549,291		3,008,388
Purchased products sourced for resale		388,607		435,260		715,636		822,977
Personnel expenses		178,945		154,091		354,054		300,846
Other selling, general, and administrative expenses		58,826		54,087		117,343		103,926
Total costs and expenses		2,527,567		2,297,527		4,736,324		4,236,137

Income from operations		180,095		156,455		336,810		292,462

Investment and other income		326		363		551		837

Income before provision for income taxes		180,421		156,818		337,361		293,299
Provision for income taxes		69,398		59,592		129,310		112,061
Net income	$	111,023	$	97,226	$	208,051	$	181,238

Net income per share (basic)	$	0.67	$	0.59	$	1.26	$	1.10
Net income per share (diluted)	$	0.67	$	0.59	$	1.26	$	1.09
Weighted average shares outstanding (basic)		164,607		164,749		164,847		165,087
Weighted average shares outstanding (diluted)		165,194		165,765		165,461		166,163

CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands)

	June 30,		December 31,
	2011		2010
Assets
Current assets:
Cash and cash equivalents	$	315,897	$	398,607
Available-for-sale securities		-		9,290
Receivables, net		1,311,192		1,036,070
Other current assets		48,992		37,801
Total current assets		1,676,081		1,481,768

Property and equipment, net		114,872		114,333
Intangible and other assets		402,844		399,598
Total Assets	$	2,193,797	$	1,995,699

Liabilities and stockholders’ investment
Current liabilities:
Accounts payable and outstanding checks	$	758,023	$	627,561
Accrued compensation		77,516		96,991
Other accrued expenses		54,348		47,055
Total current liabilities		889,887		771,607

Long term liabilities		15,484		20,024
Total liabilities		905,371		791,631

Total stockholders’ investment		1,288,426		1,204,068
Total liabilities and stockholders’ investment	$	2,193,797	$	1,995,699

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

	Six months ended
	June 30,
	2011			2010
Operating activities:
Net income	$	208,051		$	181,238
Stock-based compensation		22,609			12,381
Depreciation and amortization		15,299			14,701
Provision for doubtful accounts		4,062			7,059
Other non-cash expenses, net		(618	)		10,592
Net changes in operating elements		(170,549	)		(216,098	)
Net cash provided by operating activities		78,854			9,873

Investing activities:
Purchases of property and equipment		(11,733	)		(7,988	)
Purchases and development of software		(8,052	)		(4,757	)
Purchases of available-for-sale securities		-			(10,752	)
Sales/maturities of available-for-sale securities		9,311			12,990
Other		5			(5,027	)
Net cash used for investing activities		(10,469	)		(15,534	)

Financing activities:
Payment of contingent purchase price		(4,318	)		-
Net repurchases of common stock		(59,583	)		(80,232	)
Excess tax benefit on stock-based compensation		11,053			4,297
Cash dividends		(97,562	)		(84,636	)
Net cash used for financing activities		(150,410	)		(160,571	)
Effect of exchange rates on cash		(685	)		(4,951	)

Net change in cash and cash equivalents		(82,710	)		(171,183	)
Cash and cash equivalents, beginning of period		398,607			337,308
Cash and cash equivalents, end of period	$	315,897		$	166,125


	As of June 30,
	2011			2010
Operational Data:
Employees		8,013			7,466
Branches		232			233

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