CH Robinson Worldwide Inc, provider of multimodal transportation services and logistics systems, has reported financial results for the quarter ended September 30, 2009.
Consolidated total revenues decreased 15.6% in the third quarter of 2009 compared with the third quarter of 2008. The transportation revenue decline of 20.0% in the third quarter of 2009 was driven by falling transportation rates and volume declines in many of the firm’s transportation modes.
Total transportation net revenues decreased 0.2% to $309.8 million in the third quarter of 2009 from $310.4 million in the third quarter of 2008. The transportation net revenue margin increased to 19.8% in 2009 from 15.9% in 2008, largely driven by a decline in fuel prices and a lower cost of capacity.
Truck net revenues, which consist of truckload and less-than-truckload (LTL) services, rose 2.1% in the third quarter of 2009.
The intermodal net revenue decrease of 30.1% in the third quarter was driven largely by price declines combined with volume decreases. Net revenue margin was relatively consistent with the third quarter of 2008.
For the third quarter, operating expenses fell 2.6% to $197.8 million in 2009 from $203.0 million in 2008. As a percentage of net revenues, total operating expenses decreased slightly to 56.1% in the third quarter of 2009 from 57.7% in the third quarter of 2008.
