C.H. ROBINSON SEES DOUBLE-DIGIT EARNINGS GROWTH

C.H. ROBINSON SEES DOUBLE-DIGIT EARNINGS GROWTH

   C.H. Robinson Worldwide Inc. the Minneapolis-based motor carrier and third-party logistics provider, saw a 28.8-percent increase in first-quarter net income to $26.8 million.

   Gross profit increased 17.2 percent to $133.1 million while operating income climbed 28.4 percent to $43.5 million. Revenue improved 10.4 percent to $816.7 million.

   'We had solid volume growth across all modes, including our North American truckload business, and we continue to aggressively manage our expenses,' said John P. Wiehoff, chief executive officer of C.H. Robinson.

   Transportation gross profit increased 18.0 percent to $114.0 million, as truck transportation improved 17.0 percent to $100.5 million, reflecting growth in both truckload and less-than-truckload shipments, the company said.

      Intermodal gross profit jumped 30.4 percent to $5.43 million due to increased volumes and margin expansions, C.H. Robinson said. Combined air and ocean gross profits rose 22.4 percent to $3.40 million. Miscellaneous transportation gross profit, from brokerage fees, transportation management fees, warehouse and cross-dock services increased 28.0 percent to $2.63 million.

   Gross profit from C.H. Robinson's information services subsidiary, T-Chek Systems, rose 27.7 percent to $7.3 million. Sourcing gross profit rose 4.4 percent to $11.8 million, as the unit continues to transition its customer base to buying and selling of fresh fruits and vegetables.

   C.H. Robinson will see 'revenue comparisons grow tougher throughout 2003,' Wiehoff said, due to volatility in the marketplace 'with changes in capacity market, fuel prices, insurance-related issues and fluctuations in freight volume.'