C.H. Robinson: Profit down, revenue up

C.H. Robinson: Profit down, revenue up    C.H. Robinson Worldwide Inc. reported first quarter profit of $84 million, 1.6 percent less than in the first quarter of 2008.
   The company said revenue improved 23 percent to $2.1 billion.
   Transportation net revenue decreased 4.3 percent to $284.9 million from $297.7 million in the first quarter of 2009.
   Truck net revenue, which consist of truckload and less-than-truckload services, decreased 5.7 percent in first quarter while truckload volumes increased 22 percent compared to the first quarter of 2009. The company said truckload net revenue margins decreased due to higher transportation costs, higher fuel prices, and lower pricing to customers, exclusive of the impact of fuel.
   Intermodal net revenue decreased 13.3 percent because of higher cost of transportation services, partially offset by increased volume.
   Ocean transportation net revenue decreased 12 percent, driven by decreased pricing, partially offset by volume increases. Excluding the company’s acquisition of Walker Logistics Overseas Ltd. on June 12, 2009, ocean transportation net revenue declined about 16 percent.
   Air transportation net revenue increased 20.4 percent. Excluding the Walker acquisition, air transportation net revenues increased about 10 percent.