MINNEAPOLIS--(BUSINESS WIRE)--Jul. 21, 2009-- C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (NASDAQ: CHRW), today reported financial results for the quarter ended June 30, 2009.

Summarized financial results for the quarter ended June 30 are as follows (dollars in thousands, except per share data):

Our consolidated total revenues decreased 17.0 percent in the second quarter of 2009 compared to the second quarter of 2008. Our Transportation revenue decline of 22.8 percent in the second quarter of 2009 was driven by falling transportation rates and volume declines in many of our transportation modes. Due primarily to a reduction in fuel prices compared to the prior year, transportation rates declined. We also reduced prices to our customers. A significant decline in overall transportation market demand due to the economic recession negatively impacted our volumes.

Our Sourcing revenues increased 12.1 percent in the second quarter of 2009 primarily due to volume growth. Our Information Services revenues decreased 14.8 percent in the second quarter of 2009. The decrease was driven by declines in transactions and lower fuel prices.

Total Transportation net revenues increased 2.9 percent to $306.2 million in the second quarter of 2009 from $297.5 million in the second quarter of 2008. Our Transportation net revenue margin increased to 20.6 percent in 2009 from 15.4 percent in 2008 largely driven by a decline in fuel prices and a lower cost of capacity.

Our truck net revenues, which consist of truckload and less-than-truckload (“LTL”) services, increased 5.6 percent in the second quarter of 2009. Our truckload volumes decreased approximately 5 percent. Our truckload net revenue margins increased due to lower fuel prices and lower cost of capacity. Excluding the estimated impacts of fuel, on average our truckload rates decreased approximately 5 percent in the second quarter of 2009. Our LTL net revenues decreased slightly. The decrease was driven by price declines, partially offset by volume increases. Our LTL net revenue margin was relatively consistent with the second quarter of 2008.

Our intermodal net revenue decrease of 21.0 percent in the second quarter was driven largely by price declines, combined with slight volume decreases. Net revenue margin was relatively consistent with the second quarter of 2008.

Our ocean transportation net revenues decreased 7.7 percent in the second quarter of 2009 driven by decreased volumes, partially offset by margin expansion. Excluding our previously announced acquisition of Transera International Holdings Ltd. (“Transera”) on August 1, 2008 and Walker Logistics Overseas Ltd. (“Walker”) on June 12, 2009, our ocean transportation net revenues would have declined approximately 23 percent. Our ocean net revenue margins increased due to lower cost of capacity.

Our air transportation net revenue decrease of 20.2 percent in the second quarter of 2009 was driven by decreased volumes, partially offset by the impact of the acquisitions of Transera and Walker, and increased net revenue margins. Excluding acquisitions, our air transportation net revenues decreased approximately 26.5 percent.

For the second quarter, Sourcing net revenues increased 12.4 percent to $34.0 million in 2009 from $30.3 million in 2008. This increase was driven primarily by volume growth.

Our Information Services net revenues decreased 14.8 percent in the second quarter of 2009. The decrease was driven by declines in transactions. Lower fuel prices also impacted our growth, as some of our merchant fees are based on a percentage of the total sale amount.

For the second quarter, operating expenses increased 2.6 percent to $201.8 million in 2009 from $196.7 million in 2008.This was due to an increase of 3.6 percent in personnel expenses and a decrease of 0.2 percent in selling, general, and administrative expenses.

As a percentage of net revenues, total operating expenses decreased slightly to 57.4 percent in the second quarter of 2009 from 57.6 percent in the second quarter of 2008. This decrease was due to a decrease in our selling, general, and administrative expenses as a percentage of net revenues from 14.7 percent in 2008 to 14.2 percent in 2009.

As previously announced, on June 12, 2009 we acquired Walker Logistics Overseas, Ltd. Walker is a global freight forwarding company specializing in air and ocean freight, warehousing, courier, and logistics solutions. Walker is headquartered in the United Kingdom and has approximately 75 employees. On July 7, 2009, we acquired certain assets of International Trade & Commerce, Inc. ("ITC"). ITC is a United States customs brokerage company specializing in warehousing and distribution and cross-border services between the United States and Mexico. ITC is headquartered in Laredo, Texas and has approximately 40 employees and staff.

Founded in 1905, C.H. Robinson Worldwide, Inc., is one of the largest non-asset based third party logistics companies in the world. C.H. Robinson is a global provider of multimodal transportation services and logistics solutions, currently serving over 32,000 customers through a network of 233 offices in North America, South America, Europe, Asia, Australia, and the Middle East. C.H. Robinson maintains one of the largest networks of motor carrier capacity in North America and works with over 50,000 transportation providers worldwide.

Except for the historical information contained herein, the matters set forth in this release are forward-looking statements that represent our expectations, beliefs, intentions or strategies concerning future events. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience or our present expectations, including, but not limited to such factors as changes in economic conditions such as the current recession and decreased consumer confidence, changes in market demand and pressures on the pricing for our services; competition and growth rates within the third party logistics industry; freight levels and availability of truck capacity or alternative means of transporting freight, and changes in relationships with existing truck, rail, ocean and air carriers; changes in our customer base due to possible consolidation among our customers; our ability to integrate the operations of acquired companies with our historic operations successfully; risks associated with litigation and insurance coverage; risks associated with operations outside of the U.S.; risks associated with the potential impacts of changes in government regulations; risks associated with the produce industry, including food safety and contamination issues; fuel prices and availability; and the impact of war on the economy; and other risks and uncertainties detailed in our Annual and Quarterly Reports.

Conference Call Information:
C.H. Robinson Worldwide Second Quarter 2009 Earnings Conference Call
Tuesday, July 21, 2009 5:00 p.m. Eastern time
Live webcast available through Investor Relations link at www.chrobinson.com
Telephone access: 877-941-2333; conference ID 4099798
Webcast replay available through August 4, 2008; Investor Relations link at www.chrobinson.com
Telephone audio replay available until 12:59 a.m. Eastern Time on July 24, 2009: 800-406-7325;
passcode: 4099798#

Source: C.H. Robinson Worldwide, Inc.