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C.H. Robinson Worldwide’s (CHRW - Free Report) first-quarter 2022 earnings of $2.05 per share surpassed the Zacks Consensus Estimate of $1.54. Moreover, the bottom line surged 60.16% year over year. High freight rates aided results.
C.H. Robinson Worldwide, Inc. Price, Consensus and EPS Surprise
Total revenues of $6,816 million outperformed the Zacks Consensus Estimate of $5,956.7 million. The top line jumped 41.88% year over year owing to favorable truckload pricing to customers and handsome profits in ocean freight.
Total operating expenses increased 17% year over year to $560.7 million due to higher personnel, and selling, general and administrative expenses. Adjusted gross profit climbed 29% year over year to $906.2 million, primarily owing to higher volumes across most of CHRW’s services and increased adjusted gross profit per transaction.
C.H. Robinson returned $250.6 million to its shareholders in the first quarter through a combination of cash dividends ($72.9 million) and share repurchases ($177.7 million). Capital expenditures totaled $26.2 million in the quarter under review. CHRW expects capital expenditures in the band of $90-$100 million for 2022. The majority of the amount is aimed at technology investments.
Segmental Results
At North American Surface Transportation (NAST), total revenues were $4.1 billion (up 28.1% year over year) in the first quarter. Segmental revenues benefited from higher truckload and less-than-truckload (LTL) pricing as well as increased truckload shipments. Adjusted gross profit at the segment ascended 20.2%, driven by a 19.5% increase in truckload adjusted gross profit, which was helped by the rise in adjusted gross profit per load and an increase in shipments.
Total revenues at Global Forwarding were $2.2 billion, up more than 89% year over year. Results were boosted by higher pricing and volume in CHRW’s ocean as well as air services. This upbeat scenario is reflective of the strong demand scenario and strained capacity. Adjusted gross profit at the segment surged 50.2% year over year.
Below we present the division of adjusted profit among the service lines.
Transportation: The unit (comprising Truckload, Intermodal, LTL, Ocean, Air, Customs and Other logistics services) delivered an adjusted gross profit of $878.12 million in the quarter under consideration, up 29.3% from the prior-year figure.
Adjusted gross profit at the Truckload sub-group climbed 19.9% year over year to $359.78 million. LTL adjusted gross profit increased 25.3% year over year to $152.31 million.
Adjusted gross profit at the Ocean transportation segment jumped 63.4% year over year to $221.46 million. The same at the air transportation sub-group climbed 33.9% to $61.43 million. Customs-adjusted gross profit augmented 13.5% to $27.49 million.
Other logistics services’ adjusted gross profit rose 7.5 % to $55.63 million.
Sourcing: Adjusted gross profit at the segment increased 19.8% to $28.1 million.
Liquidity
This presently Zacks Rank #3 (Hold) company exited the first quarter with cash and cash equivalents of $242.8 million compared with $257.4 million at the end of December 2021. Long-term debt was $1.59 billion compared with $1.39 billion at the end of 2021. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
J.B. Hunt reported better-than-expected first-quarter 2022 earnings numbers. Quarterly earnings of $2.29 per share surpassed the Zacks Consensus Estimate of $1.91. The bottom line surged 67.2% year over year on the back of higher revenues across all segments.
Total operating revenues of $3,488.6 million also outperformed the Zacks Consensus Estimate of $3,260.5 million. The top line jumped 33.3% year over year.
CSX Corp’s first-quarter 2022 earnings of 39 cents per share beat the Zacks Consensus Estimate by a penny despite the decrease in overall volumes as supply-chain issues continue to dent results. The bottom line improved 25.81% year over year owing to higher revenues, aided by increased shipping rates.
Total revenues of $3,413 million outperformed the Zacks Consensus Estimate of $3291.2 million. The top line increased 21.33% year over year.
United Airlines incurred a loss of $4.24 per share in the first quarter of 2022, wider than the Zacks Consensus Estimate of a loss of $4.19. This is the ninth consecutive quarterly loss suffered by UAL as coronavirus woes continue to dwindle air-travel demand.
Operating revenues of $7,566 million also fell short of the Zacks Consensus Estimate of $7,657.2 million.
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C.H. Robinson (CHRW) Q1 Earnings Beat, Revenues Rise Y/Y
C.H. Robinson Worldwide’s (CHRW - Free Report) first-quarter 2022 earnings of $2.05 per share surpassed the Zacks Consensus Estimate of $1.54. Moreover, the bottom line surged 60.16% year over year. High freight rates aided results.
C.H. Robinson Worldwide, Inc. Price, Consensus and EPS Surprise
C.H. Robinson Worldwide, Inc. price-consensus-eps-surprise-chart | C.H. Robinson Worldwide, Inc. Quote
Total revenues of $6,816 million outperformed the Zacks Consensus Estimate of $5,956.7 million. The top line jumped 41.88% year over year owing to favorable truckload pricing to customers and handsome profits in ocean freight.
Total operating expenses increased 17% year over year to $560.7 million due to higher personnel, and selling, general and administrative expenses. Adjusted gross profit climbed 29% year over year to $906.2 million, primarily owing to higher volumes across most of CHRW’s services and increased adjusted gross profit per transaction.
C.H. Robinson returned $250.6 million to its shareholders in the first quarter through a combination of cash dividends ($72.9 million) and share repurchases ($177.7 million). Capital expenditures totaled $26.2 million in the quarter under review. CHRW expects capital expenditures in the band of $90-$100 million for 2022. The majority of the amount is aimed at technology investments.
Segmental Results
At North American Surface Transportation (NAST), total revenues were $4.1 billion (up 28.1% year over year) in the first quarter. Segmental revenues benefited from higher truckload and less-than-truckload (LTL) pricing as well as increased truckload shipments. Adjusted gross profit at the segment ascended 20.2%, driven by a 19.5% increase in truckload adjusted gross profit, which was helped by the rise in adjusted gross profit per load and an increase in shipments.
Total revenues at Global Forwarding were $2.2 billion, up more than 89% year over year. Results were boosted by higher pricing and volume in CHRW’s ocean as well as air services. This upbeat scenario is reflective of the strong demand scenario and strained capacity. Adjusted gross profit at the segment surged 50.2% year over year.
Below we present the division of adjusted profit among the service lines.
Transportation: The unit (comprising Truckload, Intermodal, LTL, Ocean, Air, Customs and Other logistics services) delivered an adjusted gross profit of $878.12 million in the quarter under consideration, up 29.3% from the prior-year figure.
Adjusted gross profit at the Truckload sub-group climbed 19.9% year over year to $359.78 million. LTL adjusted gross profit increased 25.3% year over year to $152.31 million.
Adjusted gross profit at the Ocean transportation segment jumped 63.4% year over year to $221.46 million. The same at the air transportation sub-group climbed 33.9% to $61.43 million. Customs-adjusted gross profit augmented 13.5% to $27.49 million.
Other logistics services’ adjusted gross profit rose 7.5 % to $55.63 million.
Sourcing: Adjusted gross profit at the segment increased 19.8% to $28.1 million.
Liquidity
This presently Zacks Rank #3 (Hold) company exited the first quarter with cash and cash equivalents of $242.8 million compared with $257.4 million at the end of December 2021. Long-term debt was $1.59 billion compared with $1.39 billion at the end of 2021. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Earnings Snapshots
Within the broader Transportation sector, J.B. Hunt Transport Services (JBHT - Free Report) ,CSX Corporation (CSX - Free Report) and United Airlines (UAL - Free Report) recently reported first-quarter 2022 results.
J.B. Hunt reported better-than-expected first-quarter 2022 earnings numbers. Quarterly earnings of $2.29 per share surpassed the Zacks Consensus Estimate of $1.91. The bottom line surged 67.2% year over year on the back of higher revenues across all segments.
Total operating revenues of $3,488.6 million also outperformed the Zacks Consensus Estimate of $3,260.5 million. The top line jumped 33.3% year over year.
CSX Corp’s first-quarter 2022 earnings of 39 cents per share beat the Zacks Consensus Estimate by a penny despite the decrease in overall volumes as supply-chain issues continue to dent results. The bottom line improved 25.81% year over year owing to higher revenues, aided by increased shipping rates.
Total revenues of $3,413 million outperformed the Zacks Consensus Estimate of $3291.2 million. The top line increased 21.33% year over year.
United Airlines incurred a loss of $4.24 per share in the first quarter of 2022, wider than the Zacks Consensus Estimate of a loss of $4.19. This is the ninth consecutive quarterly loss suffered by UAL as coronavirus woes continue to dwindle air-travel demand.
Operating revenues of $7,566 million also fell short of the Zacks Consensus Estimate of $7,657.2 million.