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C.H. Robinson Worldwide’s (CHRW - Free Report) third-quarter 2021 earnings of $1.85 per share surpassed the Zacks Consensus Estimate of $1.41. The bottom line surged 85% year over year.
Total revenues of $6,263.7 million also outperformed the Zacks Consensus Estimate of $5,377.9 million. The top line jumped 48.3% year over year owing to higher pricing and volumes across most of the company’s service lines.
Total operating expenses increased 26.7% year over year to $533.4 million due to higher personnel expenses. Adjusted gross profit climbed 43.3% year over year to $844.2 million, primarily owing to higher volumes across most of the company’s services, as well as increased adjusted gross profit per transaction.
The company returned $237.2 million to its shareholders in the third quarter through a combination of cash dividends ($69.2 million) and share repurchases ($168.1 million). Capital expenditures totaled $22.7 million in the quarter under review. The company expects capital expenditures in the band of $70 million-$80 million for 2021. Majority of the amount is aimed at technology investments.
C.H. Robinson Worldwide, Inc. Price, Consensus and EPS Surprise
At North American Surface Transportation (“NAST”), total revenues were $3.81 billion (up 30.5%) in the third quarter. Segmental revenues benefited from higher truckload and less-than truckload ("LTL") pricing a as well as an increase in truckload shipments. Adjusted gross profit at the segment ascended 25.1%, driven by 36.5% increase in truckload adjusted gross profit, which in turn was helped by the rise in adjusted gross profit per load and an increase in shipments. NAST results include Robinson Fresh transportation, which was previously reported under a separate segment.
Total revenues at Global Forwarding were $1.98 billion, up more than 100% year over year. With increased freight demand and capacity constraints, higher pricing and volumes in ocean and air services units boosted results. Adjusted gross profit at the segment surged 97.2% year over year.
A historical presentation of the results on an enterprise basis is given below:
Transportation: The unit (comprising Truckload, Intermodal, LTL, Ocean, Air, Customs and Other logistics services) delivered adjusted gross profit of $819.51 million in the quarter under consideration, up 44.7% from the prior-year figure.
Adjusted gross profit at the Truckload segment climbed 32.7% year over year to $333.07 million. LTL adjusted gross profit increased 11.7% year over year to $132.48 million, with adjusted gross profit per order rising 10.5% and LTL volumes increasing 1%.
Adjusted gross profit at the Ocean transportation segment jumped more than 100% year over year to $214.93 million. The same at the air transportation segment climbed 73.1% to $60.55 million. Customs-adjusted gross profit augmented 13.4% to $25.47 million.
Other logistics services’ adjusted gross profit rose 5.3% to $53.02 million.
Sourcing: Adjusted gross profit at the segment increased 7.6% to $24.68 million.
Liquidity
This Zacks Rank #2 (Buy) company exited the third quarter with cash and cash equivalents of $202.65 million compared with $243.80 million at the end of December 2020. Long-term debt was $1.09 billion, nearly flat with the figure reported at the end of December 2020. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Sectorial Snapshots
Let’s take a look at some of the other earnings releases from companies within the Zacks Transportation sector.
CSX Corporation (CSX - Free Report) , carrying a Zacks Rank #2, reported third-quarter 2021 earnings of 43 cents per share, surpassing the Zacks Consensus Estimate of 38 cents. Total revenues of $3,292 million outperformed the Zacks Consensus Estimate of $3030.9 million.
Southwest Airlines (LUV - Free Report) , carrying a Zacks Rank #4 (Sell), incurred a loss (excluding 96 cents from non-recurring items) of 23 cents per share in the third quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of 27 cents. Operating revenues of $4,679 million outperformed the Zacks Consensus Estimate of $4,581.5 million.
United Airlines Holdings (UAL - Free Report) , carrying a Zacks Rank #3 (Hold), incurred a loss (excluding $2.46 from non-recurring items) of $1.02 per share in the third quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of $1.65. Operating revenues of $7,750 million surpassed the Zacks Consensus Estimate of $7639.7 million.
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C.H. Robinson (CHRW) Q3 Earnings & Revenues Beat, Rise Y/Y
C.H. Robinson Worldwide’s (CHRW - Free Report) third-quarter 2021 earnings of $1.85 per share surpassed the Zacks Consensus Estimate of $1.41. The bottom line surged 85% year over year.
Total revenues of $6,263.7 million also outperformed the Zacks Consensus Estimate of $5,377.9 million. The top line jumped 48.3% year over year owing to higher pricing and volumes across most of the company’s service lines.
Total operating expenses increased 26.7% year over year to $533.4 million due to higher personnel expenses. Adjusted gross profit climbed 43.3% year over year to $844.2 million, primarily owing to higher volumes across most of the company’s services, as well as increased adjusted gross profit per transaction.
The company returned $237.2 million to its shareholders in the third quarter through a combination of cash dividends ($69.2 million) and share repurchases ($168.1 million). Capital expenditures totaled $22.7 million in the quarter under review. The company expects capital expenditures in the band of $70 million-$80 million for 2021. Majority of the amount is aimed at technology investments.
C.H. Robinson Worldwide, Inc. Price, Consensus and EPS Surprise
C.H. Robinson Worldwide, Inc. price-consensus-eps-surprise-chart | C.H. Robinson Worldwide, Inc. Quote
Segmental Results
At North American Surface Transportation (“NAST”), total revenues were $3.81 billion (up 30.5%) in the third quarter. Segmental revenues benefited from higher truckload and less-than truckload ("LTL") pricing a as well as an increase in truckload shipments. Adjusted gross profit at the segment ascended 25.1%, driven by 36.5% increase in truckload adjusted gross profit, which in turn was helped by the rise in adjusted gross profit per load and an increase in shipments. NAST results include Robinson Fresh transportation, which was previously reported under a separate segment.
Total revenues at Global Forwarding were $1.98 billion, up more than 100% year over year. With increased freight demand and capacity constraints, higher pricing and volumes in ocean and air services units boosted results. Adjusted gross profit at the segment surged 97.2% year over year.
A historical presentation of the results on an enterprise basis is given below:
Transportation: The unit (comprising Truckload, Intermodal, LTL, Ocean, Air, Customs and Other logistics services) delivered adjusted gross profit of $819.51 million in the quarter under consideration, up 44.7% from the prior-year figure.
Adjusted gross profit at the Truckload segment climbed 32.7% year over year to $333.07 million. LTL adjusted gross profit increased 11.7% year over year to $132.48 million, with adjusted gross profit per order rising 10.5% and LTL volumes increasing 1%.
Adjusted gross profit at the Ocean transportation segment jumped more than 100% year over year to $214.93 million. The same at the air transportation segment climbed 73.1% to $60.55 million. Customs-adjusted gross profit augmented 13.4% to $25.47 million.
Other logistics services’ adjusted gross profit rose 5.3% to $53.02 million.
Sourcing: Adjusted gross profit at the segment increased 7.6% to $24.68 million.
Liquidity
This Zacks Rank #2 (Buy) company exited the third quarter with cash and cash equivalents of $202.65 million compared with $243.80 million at the end of December 2020. Long-term debt was $1.09 billion, nearly flat with the figure reported at the end of December 2020. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Sectorial Snapshots
Let’s take a look at some of the other earnings releases from companies within the Zacks Transportation sector.
CSX Corporation (CSX - Free Report) , carrying a Zacks Rank #2, reported third-quarter 2021 earnings of 43 cents per share, surpassing the Zacks Consensus Estimate of 38 cents. Total revenues of $3,292 million outperformed the Zacks Consensus Estimate of $3030.9 million.
Southwest Airlines (LUV - Free Report) , carrying a Zacks Rank #4 (Sell), incurred a loss (excluding 96 cents from non-recurring items) of 23 cents per share in the third quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of 27 cents. Operating revenues of $4,679 million outperformed the Zacks Consensus Estimate of $4,581.5 million.
United Airlines Holdings (UAL - Free Report) , carrying a Zacks Rank #3 (Hold), incurred a loss (excluding $2.46 from non-recurring items) of $1.02 per share in the third quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of $1.65. Operating revenues of $7,750 million surpassed the Zacks Consensus Estimate of $7639.7 million.