C.H. ROBINSON SEES RISE IN NET INCOME
C.H. Robinson Worldwide Inc. reported double-digit increases in net income for the second quarter and first half of 2002.
Second-quarter net income rose 11.3 percent to $25.2 million, while first-half net income improved 12.9 percent to $46.0 million. Operating income rose 12.1 percent for the quarter, to $41.0 million, and 13.5 percent for the first half, to $74.8 million.
'During the second quarter, we experienced increasing volumes in our truckload business, however our gross margin declined due to overall tight truck capacity,' said John Wiehoff, chief executive officer of Minneapolis-based C.H. Robinson.
Transportation gross profits increased 1.7 percent to $102.0 million. The increase was due to gross profit increases in less-than-truckload, intermodal, international and transportation management businesses, combined with a 1.7-percent decline in the company's truckload transportation business.