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C.H. Robinson (CHRW) Q3 Earnings Top Estimates, Soar Y/Y
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C.H. Robinson Worldwide, Inc.’s (CHRW - Free Report) third-quarter 2018 earnings per share of $1.25 beat the Zacks Consensus Estimate of $1.17. Moreover, the bottom line surged 47.1% year over year on higher revenues and lower tax rate.
Total revenues rose 13.4% year over year to $4,291.9 million, surpassing the Zacks Consensus Estimate of $4,276.5 million. The top line was boosted by growth across all transportation service lines. Effective tax rate in the quarter under view reduced to 26.5% from 35.2% a year ago owing to the Tax Cuts and Jobs Act of 2017.
Total operating expenses increased 12.2% year over year to $448.1 million. However, operating ratio (operating expenses as a percentage of net revenues) of 64.6% compared favorably with 67.3% in the year-ago period.
During the quarter under review, the company returned $150.8 million to shareholders through a combination of dividends ($64.6 million) and share repurchases ($86.2 million), reflecting an increase of 18.7% year over year.
C.H. Robinson Worldwide, Inc. Price, Consensus and EPS Surprise
Total revenues at North American Surface Transportation (NAST) were $2.93 billion (up 18.7%) in the third quarter while the same at Global Forwarding totaled $639.27 million (up 15.8%). At Robinson Fresh, the metric logged $565.59 million (down 7.8%) year over year.
A historical presentation of results on an enterprise basis is given below:
Transportation: The unit (comprising Truckload, Intermodal, Less-than-Truckload, Ocean, Air, Customs and Other logistics services) posted net revenues of $668.87 million in the quarter under consideration, up 18.6% from the prior-year period’s figure.
Truckload net revenues grew 25.8% year over year to $378.57 million. Additionally, net revenues at Less-than-Truckload improved 20.4% year over year to $122.62 million.
Net revenues at the Intermodal segment increased 11.8% year over year to $8.36 million.
Net revenues at the Ocean transportation segment declined 7.8% year over year to $74.84 million. The same at the Air transportation division rose 17.5% year over year to $29.99 million. Customs net revenues jumped 33.8% to $23.31 million.
Net revenues at Other logistics services climbed 5.4% year over year to $31.19 million.
Sourcing: Net revenues at the segment dropped 15.4% year over year to approximately $25.17 million.
Liquidity
This Zacks Rank #2 (Buy) company exited the third quarter with cash and cash equivalents of $297.8 million compared with $333.89 million at the end of 2017. Long-term debt was $1,341.3 million compared with $750 million at 2017 end. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
2018 Outlook Intact
The company’s full-year effective tax rate projection remains unaltered at 24-25%. Additionally, it reiterates capital expenditures in the range of $60-$70 million for 2018 with the majority spending on technology.
Upcoming Releases
Investors interested in the broader Zacks Transportation sector are keenly awaiting third-quarter earnings reports from key players, namely Expeditors International of Washington, Inc. (EXPD - Free Report) , Triton International Limited and Air Lease Corporation (AL - Free Report) . While Triton International will release third-quarter results on Nov 2, Expeditors and Air Lease will report the same on Nov 6 and Nov 8, respectively.
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C.H. Robinson (CHRW) Q3 Earnings Top Estimates, Soar Y/Y
C.H. Robinson Worldwide, Inc.’s (CHRW - Free Report) third-quarter 2018 earnings per share of $1.25 beat the Zacks Consensus Estimate of $1.17. Moreover, the bottom line surged 47.1% year over year on higher revenues and lower tax rate.
Total revenues rose 13.4% year over year to $4,291.9 million, surpassing the Zacks Consensus Estimate of $4,276.5 million. The top line was boosted by growth across all transportation service lines. Effective tax rate in the quarter under view reduced to 26.5% from 35.2% a year ago owing to the Tax Cuts and Jobs Act of 2017.
Total operating expenses increased 12.2% year over year to $448.1 million. However, operating ratio (operating expenses as a percentage of net revenues) of 64.6% compared favorably with 67.3% in the year-ago period.
During the quarter under review, the company returned $150.8 million to shareholders through a combination of dividends ($64.6 million) and share repurchases ($86.2 million), reflecting an increase of 18.7% year over year.
C.H. Robinson Worldwide, Inc. Price, Consensus and EPS Surprise
C.H. Robinson Worldwide, Inc. Price, Consensus and EPS Surprise | C.H. Robinson Worldwide, Inc. Quote
Segmental Results
Total revenues at North American Surface Transportation (NAST) were $2.93 billion (up 18.7%) in the third quarter while the same at Global Forwarding totaled $639.27 million (up 15.8%). At Robinson Fresh, the metric logged $565.59 million (down 7.8%) year over year.
A historical presentation of results on an enterprise basis is given below:
Transportation: The unit (comprising Truckload, Intermodal, Less-than-Truckload, Ocean, Air, Customs and Other logistics services) posted net revenues of $668.87 million in the quarter under consideration, up 18.6% from the prior-year period’s figure.
Truckload net revenues grew 25.8% year over year to $378.57 million. Additionally, net revenues at Less-than-Truckload improved 20.4% year over year to $122.62 million.
Net revenues at the Intermodal segment increased 11.8% year over year to $8.36 million.
Net revenues at the Ocean transportation segment declined 7.8% year over year to $74.84 million. The same at the Air transportation division rose 17.5% year over year to $29.99 million. Customs net revenues jumped 33.8% to $23.31 million.
Net revenues at Other logistics services climbed 5.4% year over year to $31.19 million.
Sourcing: Net revenues at the segment dropped 15.4% year over year to approximately $25.17 million.
Liquidity
This Zacks Rank #2 (Buy) company exited the third quarter with cash and cash equivalents of $297.8 million compared with $333.89 million at the end of 2017. Long-term debt was $1,341.3 million compared with $750 million at 2017 end. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
2018 Outlook Intact
The company’s full-year effective tax rate projection remains unaltered at 24-25%. Additionally, it reiterates capital expenditures in the range of $60-$70 million for 2018 with the majority spending on technology.
Upcoming Releases
Investors interested in the broader Zacks Transportation sector are keenly awaiting third-quarter earnings reports from key players, namely Expeditors International of Washington, Inc. (EXPD - Free Report) , Triton International Limited and Air Lease Corporation (AL - Free Report) . While Triton International will release third-quarter results on Nov 2, Expeditors and Air Lease will report the same on Nov 6 and Nov 8, respectively.
3 Medical Stocks to Buy Now
The greatest discovery in this century of biology is now at the flashpoint between theory and realization. Billions of dollars in research have poured into it. Companies are already generating revenue, and cures for a variety of deadly diseases are in the pipeline.
So are big potential profits for early investors. Zacks has released an updated Special Report that explains this breakthrough and names the best 3 stocks to ride it.
See them today for free >>