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C.H. Robinson (CHRW) Q4 Earnings Miss, Revenues Up 43% Y/Y
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C.H. Robinson Worldwide’s (CHRW - Free Report) fourth-quarter 2021 earnings of $1.74 per share fell short of the Zacks Consensus Estimate of $1.85. However, the bottom line surged 61.1% year over year.
Total revenues of $6,501.8 million outperformed the Zacks Consensus Estimate of $6,190.8 million. The top line jumped 42.9% year over year owing to higher pricing and volumes across most of the company’s service lines.
Total operating expenses increased 31.2% year over year to $568.9 million due to higher personnel, and selling, general and administrative expenses. Adjusted gross profit climbed 33.7% year over year to $856.3 million, primarily owing to higher volumes across most of the company’s services, as well as increased adjusted gross profit per transaction.
C.H. Robinson Worldwide, Inc. Price, Consensus and EPS Surprise
C.H. Robinson returned $222.8 million to its shareholders in the fourth quarter through a combination of cash dividends ($68.4 million) and share repurchases ($154.4 million). Capital expenditures totaled $18.4 million in the quarter under review. The company expects capital expenditures in the band of $90 million-$100 million for 2022. Majority of the amount is aimed at technology investments.
Segmental Results
At North American Surface Transportation (“NAST”), total revenues were $3.90 billion (up 26.1%) in the fourth quarter. Segmental revenues benefited from higher truckload and less-than-truckload ("LTL") pricing, as well as an increase in truckload shipments. Adjusted gross profit at the segment ascended 19.7%, driven by a 22.2% increase in truckload adjusted gross profit, which 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 $2.14 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 71.9% 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 an adjusted gross profit of $832.40 million in the quarter under consideration, up 34.6% from the prior-year figure.
Adjusted gross profit at the Truckload segment climbed 22.3% year over year to $339.51 million. LTL adjusted gross profit increased 18.3% year over year to $139.46 million, with adjusted gross profit per order rising 23.5%. LTL volumes decreased 4%.
Adjusted gross profit at the Ocean transportation segment jumped 86.6% year over year to $209.80 million. The same at the air transportation segment climbed 84.1% to $65.78 million. Customs-adjusted gross profit augmented 5.7% to $25.34 million.
Other logistics services’ adjusted gross profit rose 2.7 % to $52.51 million.
Sourcing: Adjusted gross profit at the segment increased 8.9% to $23.94 million.
Liquidity
This Zacks Rank #2 (Buy) company exited the fourth quarter with cash and cash equivalents of $257.41 million compared with $243.80 million at the end of December 2020. Long-term debt was $1.39 billion compared with $1.09 billion at the end of December 2020. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
CSX, carrying a Zacks Rank #3 (Hold), reported fourth-quarter 2021 earnings of 42 cents per share, which surpassed the Zacks Consensus Estimate by a penny. The bottom line improved in double digits year over year owing to higher revenues.
CSX’s total revenues of $3,427 million outperformed the Zacks Consensus Estimate of $3296 million. The top line augmented 21.3% year over year owing to growth across all its businesses, as well as revenues from Quality Carriers, which the company acquired in July 2021.
Canadian National, carrying a Zacks Rank #3, reported fourth-quarter 2021 earnings (excluding 2 cents from non-recurring items) of $1.36 per share (C$1.71), which surpassed the Zacks Consensus Estimate of $1.21. The bottom line increased in double digits year over year due to lower costs.
Canadian National’s quarterly revenues of $2,977.4 million (C$3,753 million) topped the Zacks Consensus Estimate of $2,917.4 million. The top line improved year over year, driven by higher freight rates and fuel surcharges.
GATX, carrying a Zacks Rank #2, reported fourth-quarter 2021 earnings (excluding 11 cents from non-recurring items) of $1.58 per share, which surpassed the Zacks Consensus Estimate of $1.07. The bottom line surged more than 200% year over year.
GATX’s total revenues of $321 million increased 5.3% year over year, mainly due to a 5.2% rise in lease revenues, which came in at $288.4 million. Lease revenues contributed 89.8% to the top line.
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C.H. Robinson (CHRW) Q4 Earnings Miss, Revenues Up 43% Y/Y
C.H. Robinson Worldwide’s (CHRW - Free Report) fourth-quarter 2021 earnings of $1.74 per share fell short of the Zacks Consensus Estimate of $1.85. However, the bottom line surged 61.1% year over year.
Total revenues of $6,501.8 million outperformed the Zacks Consensus Estimate of $6,190.8 million. The top line jumped 42.9% year over year owing to higher pricing and volumes across most of the company’s service lines.
Total operating expenses increased 31.2% year over year to $568.9 million due to higher personnel, and selling, general and administrative expenses. Adjusted gross profit climbed 33.7% year over year to $856.3 million, primarily owing to higher volumes across most of the company’s services, as well as increased adjusted gross profit per transaction.
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
C.H. Robinson returned $222.8 million to its shareholders in the fourth quarter through a combination of cash dividends ($68.4 million) and share repurchases ($154.4 million). Capital expenditures totaled $18.4 million in the quarter under review. The company expects capital expenditures in the band of $90 million-$100 million for 2022. Majority of the amount is aimed at technology investments.
Segmental Results
At North American Surface Transportation (“NAST”), total revenues were $3.90 billion (up 26.1%) in the fourth quarter. Segmental revenues benefited from higher truckload and less-than-truckload ("LTL") pricing, as well as an increase in truckload shipments. Adjusted gross profit at the segment ascended 19.7%, driven by a 22.2% increase in truckload adjusted gross profit, which 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 $2.14 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 71.9% 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 an adjusted gross profit of $832.40 million in the quarter under consideration, up 34.6% from the prior-year figure.
Adjusted gross profit at the Truckload segment climbed 22.3% year over year to $339.51 million. LTL adjusted gross profit increased 18.3% year over year to $139.46 million, with adjusted gross profit per order rising 23.5%. LTL volumes decreased 4%.
Adjusted gross profit at the Ocean transportation segment jumped 86.6% year over year to $209.80 million. The same at the air transportation segment climbed 84.1% to $65.78 million. Customs-adjusted gross profit augmented 5.7% to $25.34 million.
Other logistics services’ adjusted gross profit rose 2.7 % to $52.51 million.
Sourcing: Adjusted gross profit at the segment increased 8.9% to $23.94 million.
Liquidity
This Zacks Rank #2 (Buy) company exited the fourth quarter with cash and cash equivalents of $257.41 million compared with $243.80 million at the end of December 2020. Long-term debt was $1.39 billion compared with $1.09 billion at the end of December 2020. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Sectorial Snapshots
Within the broader Transportation sector, CSX Corporation (CSX - Free Report) , Canadian National Railway (CNI - Free Report) and GATX Corporation (GATX - Free Report) recently reported fourth-quarter 2021 results.
CSX, carrying a Zacks Rank #3 (Hold), reported fourth-quarter 2021 earnings of 42 cents per share, which surpassed the Zacks Consensus Estimate by a penny. The bottom line improved in double digits year over year owing to higher revenues.
CSX’s total revenues of $3,427 million outperformed the Zacks Consensus Estimate of $3296 million. The top line augmented 21.3% year over year owing to growth across all its businesses, as well as revenues from Quality Carriers, which the company acquired in July 2021.
Canadian National, carrying a Zacks Rank #3, reported fourth-quarter 2021 earnings (excluding 2 cents from non-recurring items) of $1.36 per share (C$1.71), which surpassed the Zacks Consensus Estimate of $1.21. The bottom line increased in double digits year over year due to lower costs.
Canadian National’s quarterly revenues of $2,977.4 million (C$3,753 million) topped the Zacks Consensus Estimate of $2,917.4 million. The top line improved year over year, driven by higher freight rates and fuel surcharges.
GATX, carrying a Zacks Rank #2, reported fourth-quarter 2021 earnings (excluding 11 cents from non-recurring items) of $1.58 per share, which surpassed the Zacks Consensus Estimate of $1.07. The bottom line surged more than 200% year over year.
GATX’s total revenues of $321 million increased 5.3% year over year, mainly due to a 5.2% rise in lease revenues, which came in at $288.4 million. Lease revenues contributed 89.8% to the top line.