MINNEAPOLIS, Jul 26, 2011 (BUSINESS WIRE) --

C.H. Robinson Worldwide, Inc. ("C.H. Robinson") (NASDAQ: CHRW), today reported financial results for the quarter ended June 30, 2011.

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

Our truck net revenues, which consist of truckload and less-than-truckload ("LTL") services, increased 20.9 percent in the second quarter of 2011. Our truckload volumes increased 3.5 percent in the second quarter of 2011 compared to the second quarter of 2010. Our truckload net revenue margin increased slightly in the second quarter of 2011 compared to the second quarter of 2010. Excluding the estimated impacts of the change in fuel, our truckload pricing to our customers increased approximately six percent in the second quarter of 2011 compared to the second quarter of 2010. Our truckload transportation costs increased approximately four percent, excluding the estimated impacts of the change in fuel. Our LTL net revenues increased approximately 28 percent. The increase was driven by an increase in total shipments of approximately 14 percent, pricing increases, and an increase in our net revenuemargin.

Our intermodal net revenue increased 15.2 percent due to increased net revenue margin and price increases. Price increases were driven by market conditions and the increased price of fuel. Intermodal volumes increased slightly over the second quarter of 2010.

Our ocean transportation net revenues increased 13.3 percent in the second quarter of 2011, driven by higher pricing, partially offset by volume declines.

Our air transportation net revenue increased 1.5 percent in the second quarter of 2011 due to higher pricing and increased net revenue margin, largely offset by decreased volumes.

For the second quarter, our Sourcing revenues decreased 11.0 percent. Sourcing net revenues decreased 14.4 percent to $34.9 million in 2011 from $40.8 million in 2010, primarily due to decreased volumes with a large customer.

Our Payment Services revenues increased 8.1 percent in the second quarter of 2011 due to increases in some fees that are impacted by fuel prices and an increase in transactions.

For the second quarter, operating expenses increased 14.2 percent to $237.8 million in 2011 from $208.2 million in 2010. This was due to an increase of 16.1 percent in personnel expense and an increase of 8.8 percent in other selling, general, and administrative expenses. Personnel expenses related to our various incentive plans, including restricted stock, increased compared to last year. Many of these plans are variable based on growth in our earnings. Our average headcount for the second quarter of 2011 increased 6.6 percent to 7,898 from 7,408 in 2010.

For the second quarter, other selling, general, and administrative expenses increased to $58.8 million from $54.1 million in the second quarter of 2010. As a percentage of net revenues, selling, general, and administrative expenses decreased to 14.1 percent from 14.8 percent in 2010.

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 36,000 customers through a network of 232 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 49,000 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, including uncertain consumer demand; 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 increasing costs 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 2011 Earnings Conference Call
Tuesday, July 26, 2011 5:00 pm. Eastern Time
The call will be limited to 60 minutes, including questions and answers.

Presentation slides and a live audio webcast of the conference call may be accessed through the Investor Relations link on C.H. Robinson's website at www.chrobinson.com
To participate in the conference call by telephone, please call ten minutes early by dialing: 888-549-7750. Callers should reference the conference ID, which is 4452992
Webcast replay available through Investor Relations link at www.chrobinson.com
Telephone audio replay available until 12:59 a.m. Eastern Time on July 29: 800-406-7325; passcode: 4452992#

SOURCE: C.H. Robinson Worldwide, Inc.