MINNEAPOLIS--(BUSINESS WIRE)--Apr. 26, 2016-- C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (NASDAQ: CHRW), today reported financial results for the quarter ended March 31, 2016. Summarized financial results are as follows (dollars in thousands, except per share data):

Our truckload net revenues increased 7.8 percent in the first quarter of 2016 compared to the first quarter of 2015. Our total truckload volumes increased approximately three percent in the first quarter of 2016. North American truckload volumes increased approximately four percent in the first quarter of 2016. Our truckload net revenue margin increased in the first quarter of 2016 compared to the first quarter of 2015, due primarily to lower transportation costs, excluding fuel. Additionally, the lower cost of fuel contributed to an increase in truckload net revenue margin. In North America, excluding the estimated impacts of the change in fuel, our average truckload rate per mile charged to our customers decreased approximately five percent in the first quarter of 2016 compared to the first quarter of 2015. In North America, our truckload transportation costs decreased approximately seven percent, excluding the estimated impacts of the change in fuel. These decreases were largely the result of available capacity in the market and a change in the mix of our business.

Our less-than-truckload (“LTL”) net revenues increased 6.9 percent in the first quarter of 2016 compared to the first quarter of 2015. LTL volumes increased approximately 10 percent in the first quarter of 2016 compared to the first quarter of 2015. Net revenue margin increased in the first quarter of 2016 compared to the first quarter of 2015.

Our intermodal net revenues decreased 11.9 percent in the first quarter of 2016 compared to the first quarter of 2015. During the first quarter of 2016, intermodal opportunities were negatively impacted by the lower cost truck market.

Our ocean transportation net revenues increased 16.9 percent in the first quarter of 2016 compared to the first quarter of 2015. The increase in net revenues was primarily due to increased net revenue margin and higher volumes.

Our air transportation net revenues decreased 10.8 percent in the first quarter of 2016 compared to the first quarter of 2015. The decrease was primarily due to lower prices, partially offset by margin expansion and volume increases.

Our customs net revenues increased 4.5 percent in the first quarter of 2016 compared to the first quarter of 2015. The increase was due to an increase in transaction volumes.

Our other logistics services revenues, which includes managed services, warehousing, and small parcel, increased 21.4 percent in the first quarter of 2016 compared to the first quarter of 2015 primarily from volume growth in managed services.

Sourcing net revenues decreased 2.3 percent in the first quarter of 2016 compared to the first quarter of 2015. This decrease was primarily due to an increase in product costs caused by adverse weather effects, partially offset by an increase in case volumes.

For the first quarter, operating expenses increased 6.2 percent to $364.4 million in 2016 from $343.2 million in 2015. Operating expenses as a percentage of net revenues decreased to 64.7 percent in the first quarter of 2016 from 65.4 percent in the first quarter of 2015.

For the first quarter, personnel expenses increased 8.8 percent to $277.5 million in 2016 from $255.1 million in 2015. For the first quarter, our average headcount grew 5.5 percent compared to the first quarter of 2015. Additionally, we recognized additional payroll tax expense in the first quarter of 2016 related to the delivery of previously vested restricted equity awards.

For the first quarter, other selling, general, and administrative expenses decreased 1.3 percent to $86.9 million in 2016 from $88.0 million in 2015. This decrease was primarily due to a decrease in the provision for doubtful accounts, partially offset by an increase in travel expenses.

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 110,000 active customers through a network of offices in North America, South America, Europe, and Asia. C.H. Robinson maintains one of the largest networks of motor carrier capacity in North America and works with approximately 68,000 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; the impact of war on the economy; and other risks and uncertainties detailed in our Annual and Quarterly Reports.

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update such statement to reflect events or circumstances arising after such date. All remarks made during our financial results conference call will be current at the time of the call and we undertake no obligation to update the replay.

Conference Call Information:
C.H. Robinson Worldwide First Quarter 2016 Earnings Conference Call
Wednesday, April 27, 2016 8:30 a.m. Eastern Time
The call will be limited to 60 minutes, including questions and answers. We invite call participants to submit questions in advance of the conference call and we will respond to as many of the questions as we can in the time allowed. To submit your question(s) in advance of the call, please email tim.gagnon@chrobinson.com.

Presentation slides and a simultaneous 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: 800-946-0716
International callers dial 1-719-325-2312
Callers should reference the conference ID, which is 4928630
Webcast replay available through Investor Relations link at www.chrobinson.com
Telephone audio replay available until 11:30 a.m. Eastern Time on May 4, 2016: 888-203-1112;
passcode: 4928630#
International callers dial 1-719-457-0820