C.H. Robinson Misses by a Penny - Analyst Blog
2011年4月27日 - 8:00PM
Zacks
C.H. Robinson Worldwide
Inc. (CHRW), one of the largest networks of motor carrier
capacity in North America reported first quarter 2011 earnings per
share of 59 cents, missing the Zacks Consensus Estimate by a
penny. Earning per share increased 18% from 50 cents in
year-ago quarter primarily driven by pricing improvements and
volume growth.
Total revenue in the first quarter
increased 14% year over year to $2,365.5 million, surpassing the
ZacksConsensus Estimate of $2,293.0 million.
Total operating expenses rose 18.8%
year over year to $233.6 million in the first quarter primarily due
to 19.3% and 17.4% increases in personnel as well as selling,
general and administrative expenses, respectively.
Total operating ratio (operating
expenses as a percentage of net revenue) grew approximately 80
basis points year over year to 59.9% in the reported quarter.
Segment
Details
Transportation: The
segment (comprising Truck, Intermodal, Ocean, Air and Other
logistics services) reported gross profit of $349.9 million, up
20.3% from the comparable year-ago period.
Gross profit from Truck (comprising
truckload and less-than-truckload services) rose 21.9% to $294.5
million in the reported quarter, attributable to year-over-year
volume growth and higher pricing.
Gross profit from Intermodal
increased 13.0% year over year to $9.6 million attributable to
increased prices due to higher fuel costs. However, the price
inflation was partially offset by a marginal decline in volume.
Gross profit from Ocean also
increased 24.3% to $15.6 million on higher pricing and volume,
which was partially offset by increased capacity cost.
Air transportation gross profit
climbed 4.0% year over year to $9.2 million driven by volume
growth.
Gross profit in Other logistics
services registered a 4.8% year-over-year growth to $14.1 million
supported by an increase in management fees.
Sourcing: The segment’s
gross profit dropped 5.5% year over year to $33.0 million in the
reported quarter primarily as a result of depressed volumes with a
large customer base.
Information
Services: The segment’s (comprising
income from subsidiary, T-Chek Systems Inc.) gross profit climbed
13.3% year over year to $14.4 million in the first quarter largely
driven by an increase in transactions and fees, which resulted from
higher fuel prices.
Liquidity & Debt
Position
C.H. Robinson ended the first
quarter with cash and cash equivalents of $359.3 million as against
$229.6 million in the comparable year-ago period.
Our Analysis
We believe C.H. Robinson is likely
to benefit from growing Intermodal and International freight
forwarding businesses. The company remains focused on expanding its
network globally, through key investment plans. Additionally, the
company remains well positioned to achieve its long-term growth
target given its strong financial position. Further, the cash-rich
balance sheet with no debt and increasing shareholder returns make
it more attractive for long-term investment.
However, C.H. Robinson’s remains
challenged by regulatory pressures from various government bodies,
higher carriers’ cost, volatility in the truck market and
competitive threats from logistics services companies such as
Expeditors International of Washington Inc.
(EXPD).
Thus, we are currently maintaining
our long-termNeutral recommendation on C.H. Robinson supported by
the Zacks #3 (Hold) Rank.
CH ROBINSON WWD (CHRW): Free Stock Analysis Report
EXPEDITORS INTL (EXPD): Free Stock Analysis Report
Zacks Investment Research
Expeditors International... (NASDAQ:EXPD)
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から 6 2024 まで 7 2024
Expeditors International... (NASDAQ:EXPD)
過去 株価チャート
から 7 2023 まで 7 2024