C. H. ROBINSON REPORTS 31% HIGHER 4TH QUARTER NET INCOME
C.H. Robinson, the Eden Prairie, Minn.-based international transportation and third-party logistics group, reported large increases in profits and revenues for the quarter and year ended Dec. 31, 1999.
For the latest quarter, income from operations increased 29 percent, to $22.7 million, from $17.5 million in the fourth quarter of 1998. Net income rose 31 percent, to $14.6 million, from $11.1 million.
Gross revenues for the quarter were $579 million, up from $507.1 million in the fourth quarter of 1998. Net revenues increased 23 percent, to $77.9 million, from $63.4 million.
For the year, income from operations increased 23 percent, to $83.8 million, from $68.4 million in 1998. Net income went up by 24 percent, to $53.3 million, from $43.0 million in 1998.
Gross annual revenues were $2.26 billion in 1999, an increase of 11 percent from the $2.04 billion gross revenues for 1998. Net revenues increased 19 percent, to $293.3 million, from $245.7 million for 1998.
D.R. “Sid” Verdoorn, chairman and chief executive officer of C.H. Robinson, said: “Transportation net revenue growth exceeded our performance goals this quarter in part because of the added contributions of our acquisitions, including American Backhaulers, which closed in mid-December, and our European operations.”
C.H. Robinson provides multimodal transportation and logistics services and operates through a network of 131 offices in North America, South America and Europe.