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C.H. Robinson's net income for the quarter increased 2.0% to $95.46 million from $93.56 million in the prior year period. Earnings per share increased 5.6% to $0.57 from $0.54 a year-ago.
On average, twenty analysts polled by Thomson Reuters estimated earnings of $0.56 per share for the quarter. Analysts' estimates typically exclude special items.
The company's total revenues declined 15.6 % to $1.954 billion from $2.316 billion in the year-earlier period. Fourteen Wall Street analysts estimated revenues of $1.96 billion.
The Minnesota based company's total net revenues increased by 0.3% to $352.56 million from $351.58 million year-ago. Segment-wise, C.H. Robinson's transportation net revenues decreased 0.2% to $309.8 million in the third quarter of 2009 from $310.4 million in the third quarter of 2008. Transportation net revenue margin increased to 19.8% in 2009 from 15.9% a year-ago. Margins were largely driven by a decline in fuel prices and a lower cost of capacity.
The company said its net truck revenues increased 2.1% to $268.05 million from $262.50 million last year. While truckload volumes were relatively consistent with the comparable quarter year-ago, truckload net revenue margins increased due to lower fuel prices and lower cost of capacity.
Net intermodal revenue declined by 30.1% to $8.35 million from $11.95 million. The decline was due largely to price declines, combined with volume decreases. Net revenue margin was relatively consistent with the comparable quarter year-ago.
The company's net ocean transportation revenues decreased 21.9% to $13.40 million from $17.16 million due to decreased volumes and price declines. Excluding its previously announced acquisition of Walker Logistics Overseas Ltd. on June 12, ocean transportation net revenues would have declined approximately 24.3%. However, ocean net revenue margins increased due to lower cost of capacity.
C.H.Robinson's net air transportation revenue declined 1.9% to $8.30 million from $8.47 million year-ago. For the third quarter, net Sourcing revenues increased 9.3% to $30.9 million from $28.2 million year-ago, driven primarily by volume growth and the acquisition of Rosemont Farms Corporation, Inc. on September 15.
Net Information Services revenues decreased 8.5% to $11.87 million from $12.97 million due to declines in transactions and lower fuel prices.
According to the company, third quarter operating expenses decreased 2.6% to $197.8 million from $203.0 million year-ago. This was due to a decrease of 2.4% in personnel expenses and a decrease of 3.2% in other selling, general, and administrative expenses.
According to the company, C.H. Robinson's Board of Directors authorized management to repurchase an additional 10,000,000 shares of the company, which are being purchased under a 2007 authorization of 10,000,000 shares. These repurchases are expected to take place over multiple years.
For the nine months ended September 30, the company's net income increased 1.0% to $273.09 million from $270.29 million year-ago. Year-to-date earnings per share increased 3.2% to $1.61 per share from $1.56 per share during the comparable period year-ago. Year-to-date total revenues declined 15.9% to $5.568 billion from $6.623 billion in the year-ago period.
CHRW closed Tuesday's trade on the Nasdaq at $61.47, up $0.27 or 0.44%. In after hours, the stock dropped $0.47 or 0.76%.
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