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C.H. Robinson Misses Q1 Earnings by a Penny, Lags Revenues - Analyst Blog

C.H. Robinson Worldwide Inc. CHRW reported first-quarter 2015 earnings per share of 73 cents, missing the Zacks Consensus Estimate by a penny. However, earnings jumped 15.9% from 63 cents recorded in the year-ago quarter.

Total revenue in the quarter increased 5% year over year to $3,300.9 million but missed the Zacks Consensus Estimate of $3,420 million. On the other hand, total operating expenses increased 14.3% year over year to $343.2 million, resulting in an operating ratio (operating expenses as a percentage of net revenue) of 65.4%, as against 65.7% a year ago.

Segment Details
Transportation: The segment (comprising Truckload, Intermodal, Less-than-Truckload, Ocean, Air, Customs and Other logistics services) reported net revenue of $495.1 million in the first quarter, up 15% from the year-ago quarter.

Truckload net revenue grew 9.6% year over year to $298.4 million. Meanwhile, net revenue at Less-than-Truckload increased 42% year over year to 85.4 million driven by the recent acquisition of Freightquote.com.

Revenues from the Intermodal segment increased 17.6% year over year to $10.5 million on higher operational efficiency and customer pricing.

Revenues from Ocean increased 15.1% year over year to $50.2 million on improved volumes and margins.

Revenues at the Air transportation division grew 18.2% year over year to $20.6 million owing to rise in volumes and an improvement in margins. Meanwhile, customs net revenue climbed 10% to $10.3 million owing to increased rates and transaction volumes.

Revenues from Other logistics services grew 16.6% year over year to $19.8 million. A rise in transportation management services led to the upside.

Sourcing: Revenues at the segment increased 11.6% year over year to $30 million.

Liquidity & Debt Position
C.H. Robinson ended the first quarter with cash and cash equivalents of $135.8 million against $128.9 million in the prior-year quarter. Long-term debt stood at $500 million at the end of the reported quarter, unchanged from the figure recorded at the end of 2014. Cash from operations totaled $100.4 million at the end of the first quarter of 2015 against $14.4 million a year ago.

Stocks to Consider

C.H. Robinson has a Zacks Rank #4 (Sell). Better-ranked stocks in this sector include Ryder System, Inc. R, Matson, Inc. MATX and Student Transportation Inc. STB. All three stocks carry a Zacks Rank #2 (Buy).

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