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$CHRW announced the appointment of Robert Houghton as its VP of Investor Relations and Treasury. He will report to CFO Andrew Clarke. Houghton succeeds Tim Gagnon, who has been promoted to VP, NAST (North American Surface Transportation) Business Analytics.
$CHRW has acquired Canada-based customs brokerage provider, Milgram & Company Ltd., for approx. US$50MM in cash. The acquisition is expected to be approx. neutral to earnings in 2017 and slightly accretive in 2018 and will be financed through cash and funds from $CHRW’s existing revolving credit facility.
$CHRW's revenue from North American Surface Transportation for 2Q17 increased 10.3% from last year, driven by volume increases in all services. Global Forwarding revenue climbed 48.2% on volume increases, including those from APC. However, Robinson Fresh revenue slid 0.5%.
$CHRW reported a dip in 2Q17 earnings due to truckload margin compression as well as higher purchased transportation costs. Net income fell to $111.07MM or $0.78 per share from $143.1MM or $1.00 per share last year. Revenue grew to $3.71Bil from $3.3Bil, on volume growth across all of its transportation services.
$CHRW's personnel expenses for 1Q17 grew 4.7% from last year. This was due to an increase in average headcount of 7.8%, partially offset by decreased expenses related to incentive plans that are designed to keep expenses variable with changes in net revenues and profitability.
$CHRW reported a rise in 1Q17 earnings driven by lower provisions for income taxes. Net income rose to $122.1MM or $0.86 per share from $119MM or $0.83 per share last year. Revenue grew to $3.42Bil from $3.07Bil, on volume growth across all of its transportation services.
Sunny Delight Beverages Co. has selected $CHRW as its transportation 3PL provider to provide on-time delivery, centralize freight orders, manage contract carrier contracts, and provide visibility through its global technology platform, Navisphere.
$CHRW's total revenues grew 6.4% in 4Q16, helped by volume growth across all of the services. Net revenue declined 1.6%, hurt by the lower truckload margins compared to a strong 4Q15. Operating expenses increased 3% to $367MM. Interest and other expenses decreased approx. $10MM due to currency gains of $4MM related to the strong U.S. dollar.
Starting from 4Q16, $CHRW started presenting its business in three reporting segments. They are Surface Transportation business in North America, Global Forwarding business and Robinson Fresh business. Additional business units are aggregated into All Other.
Trucking company $CHRW reported lower 4Q16 earnings, mainly hurt due to decline in transportation and sourcing revenue. The company's net income fell 3.4% to $122.3MM, or $0.86 per share compared to $126.6MM, or $0.88 per share during 4Q15. Net revenues fell 1.6% during the quarter to $5.61Bil.
$CHRW secured a contract renewal with Tesco, a multinational grocery and general merchandise retailer, to increase current distribution of its wide range of products throughout Poland. Robinson has handled a percentage of Tesco Poland's business, out of Tesco's Gliwice Distribution Centre, as part of an outsource transport solution.
$CHRW had nearly $130MM in cash in 3Q16 and had just over $27MM in CapEx. The company ended the quarter with $224MM in cash and its debt balance is $1.225Bil with $500MM at 4.28% and $725MM on the revolver with a current rate of 1.52%. The debt balance increased at 3Q16-end, as $CHRW used the revolver for a portion of the purchase price of APC.
For 3Q16, $CHRW's OpEx decreased 2.4% to $347MM. Personnel expenses fell 2.7%, mainly driven by lower variable compensation incentives and partially offset by an average headcount growth of 4.5% in the quarter. SG&A expenses fell 1.6%, mainly due to a lower provision for bad debt and lower claims in 3Q16 compared to last year.