C.H. Robinson reports profit increase

C.H. Robinson reports profit increase

   C.H. Robinson said Tuesday it had third quarter net profit of $95.5 million, 2 percent more than in the same 2008 period, despite a fall in revenue.

   Revenue for the quarter ending Sept. 30 was $1.95 billion, 15.6 percent less than in the same 2008 period; net revenue was flat at $352.6 million.

   “Our transportation revenue decline of 20 percent in the third quarter of 2009 was driven by falling transportation rates and volume declines in many of our transportation modes,” the company said. “Transportation rates declined primarily due to a reduction in fuel prices. Our pricing to our customers also decreased due to a significant decline in overall transportation market demand as a result of the economic recession. Weak demand also negatively impacted our volumes.”

   Net truck revenue was up 2.1 percent to $268 million. That helped offset a 30.1 percent decline in intermodal revenue to $8.35 million and a 21.9 percent decline in ocean transportation net revenue to $13.4 million. Air transportation net revenue declined 1.9 percent to $8.3 million.

   The company said sourcing net revenues increased 9.3 percent to $30.9 million in 2009 from $28.2 million in 2008. It attributed this to rising volumes and the acquisition in September of assets of Rosemont Farms Corp. Inc. of Boca Raton, Fla., a produce marketing company, as well as its sister company Quality Logistics LLC.