EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--
C.H. Robinson Worldwide, Inc. (“C.H. Robinson” or the “Company”)
(Nasdaq: CHRW) announced today that Scott Hagen, Corporate Controller,
will also serve as Interim Chief Financial Officer, effective
immediately, while the Company completes its search for a permanent CFO.
Scott has led C.H. Robinson’s accounting and financial reporting teams
since 2008.
C.H. Robinson also announced today that the Company has reorganized its
enterprise transportation services structure in the first quarter of
2019 to combine its North American Surface Transportation (“NAST”) and
Robinson Fresh transportation networks. The newly combined
transportation network will be managed by and reported under the NAST
segment.
With this structure change, first quarter 2019 operating results will be
based on two reportable segments: NAST and Global Forwarding. Robinson
Fresh(1) results will be combined with the Managed Services
and Other Surface Transportation segments in the “All Other and
Corporate” category. To provide a basis for comparison, we have provided
certain historical segment information under the new segment
organization.
“As we combine the best practices of the NAST and Robinson Fresh
transportation networks, we believe we are well positioned to support
the future growth of Robinson Fresh and also strengthen the overall
effectiveness of our temperature controlled service offering,” said Bob
Biesterfeld, Chief Operating Officer and CEO-elect of C.H. Robinson.
“Robinson Fresh is an important part of our history and our culture. We
take great pride in our Robinson Fresh team, who works every day to
bring fresh food to the tables of families around the world.”
(1)
Robinson Fresh results now primarily consist of
the Sourcing service line and its related transportation.
About C.H. Robinson
At C.H. Robinson, we believe in
accelerating global trade to seamlessly deliver the products and goods
that drive the world’s economy. Using the strengths of our knowledgeable
people, proven processes, and global technology, we help our customers
work smarter, not harder. As one of the world’s largest third-party
logistics providers (3PL), we provide a broad portfolio of logistics
services, fresh produce sourcing and managed services for more than
124,000 customers and 76,000 active contract carriers through our
integrated network of offices and more than 15,000 employees. In
addition, the Company, our Foundation and our employees contribute
millions of dollars annually to a variety of organizations.
Headquartered in Eden Prairie, Minnesota, C.H. Robinson (CHRW) has been
publicly traded since 1997. For more information, visit www.chrobinson.com.
Forward-Looking Statements
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
such 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; changes in
relationships with existing contracted truck, rail, ocean, and air
carriers; changes in our customer base due to possible consolidation
among our customers; our ability to successfully integrate the
operations of acquired companies with our historic operations; risks
associated with litigation, including contingent auto liability and
insurance coverage; risks associated with operations outside of the
United States; risks associated with the potential impact of changes in
government regulations; risks associated with the produce industry,
including food safety and contamination issues; fuel price increases or
decreases, or fuel shortages; cyber-security related risks; the impact
of war on the economy; changes to our capital structure; risks related
to the elimination of LIBOR; and other risks and uncertainties detailed
in our Annual and Quarterly Reports.
Quarterly Business Segment Information
(unaudited,
dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
NAST
|
|
Global Forwarding
|
|
All Other and Corporate
|
|
Eliminations
|
|
Consolidated
|
Three Months Ended March 31, 2018
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
2,908,419
|
|
|
$
|
553,754
|
|
|
$
|
463,154
|
|
|
$
|
—
|
|
|
$
|
3,925,327
|
Intersegment revenues (1) |
|
|
32,164
|
|
|
|
9,364
|
|
|
|
7,123
|
|
|
|
(48,651
|
)
|
|
|
—
|
Total revenues
|
|
|
2,940,583
|
|
|
|
563,118
|
|
|
|
470,277
|
|
|
|
(48,651
|
)
|
|
|
3,925,327
|
Net revenues
|
|
|
438,402
|
|
|
|
123,037
|
|
|
|
64,486
|
|
|
|
—
|
|
|
|
625,925
|
Income from operations
|
|
|
179,637
|
|
|
|
8,221
|
|
|
|
3,727
|
|
|
|
—
|
|
|
|
191,585
|
Depreciation and amortization
|
|
|
6,331
|
|
|
|
8,909
|
|
|
|
9,001
|
|
|
|
—
|
|
|
|
24,241
|
Average headcount
|
|
|
7,298
|
|
|
|
4,767
|
|
|
|
3,023
|
|
|
|
—
|
|
|
|
15,088
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAST
|
|
Global Forwarding
|
|
All Other and Corporate
|
|
Eliminations
|
|
Consolidated
|
Three Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
3,163,185
|
|
|
$
|
617,597
|
|
|
$
|
495,255
|
|
|
$
|
—
|
|
|
$
|
4,276,037
|
Intersegment revenues (1) |
|
|
28,922
|
|
|
|
14,875
|
|
|
|
4,340
|
|
|
|
(48,137
|
)
|
|
|
—
|
Total revenues
|
|
|
3,192,107
|
|
|
|
632,472
|
|
|
|
499,595
|
|
|
|
(48,137
|
)
|
|
|
4,276,037
|
Net revenues
|
|
|
459,706
|
|
|
|
144,031
|
|
|
|
67,746
|
|
|
|
—
|
|
|
|
671,483
|
Income from operations
|
|
|
188,244
|
|
|
|
29,788
|
|
|
|
976
|
|
|
|
—
|
|
|
|
219,008
|
Depreciation and amortization
|
|
|
6,288
|
|
|
|
8,753
|
|
|
|
9,197
|
|
|
|
—
|
|
|
|
24,238
|
Average headcount
|
|
|
7,401
|
|
|
|
4,736
|
|
|
|
3,092
|
|
|
|
—
|
|
|
|
15,229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NAST
|
|
Global Forwarding
|
|
All Other and Corporate
|
|
Eliminations
|
|
Consolidated
|
Three Months Ended September 30, 2018
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
3,224,906
|
|
|
$
|
639,268
|
|
|
$
|
427,726
|
|
|
$
|
—
|
|
|
$
|
4,291,900
|
Intersegment revenues (1) |
|
|
21,497
|
|
|
|
12,626
|
|
|
|
4,187
|
|
|
|
(38,310
|
)
|
|
|
—
|
Total revenues
|
|
|
3,246,403
|
|
|
|
651,894
|
|
|
|
431,913
|
|
|
|
(38,310
|
)
|
|
|
4,291,900
|
Net revenues
|
|
|
499,463
|
|
|
|
134,101
|
|
|
|
60,480
|
|
|
|
—
|
|
|
|
694,044
|
Income from operations
|
|
|
223,893
|
|
|
|
23,835
|
|
|
|
(1,755
|
)
|
|
|
—
|
|
|
|
245,973
|
Depreciation and amortization
|
|
|
6,286
|
|
|
|
8,735
|
|
|
|
8,902
|
|
|
|
—
|
|
|
|
23,923
|
Average headcount
|
|
|
7,454
|
|
|
|
4,684
|
|
|
|
3,153
|
|
|
|
—
|
|
|
|
15,291
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Intersegment revenues represent the sales between our
segments and are eliminated to reconcile to our consolidated results.
|
|
|
|
|
|
|
|
|
|
|
|
|
NAST
|
|
Global Forwarding
|
|
All Other and Corporate
|
|
Eliminations
|
|
Consolidated
|
Three Months Ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
3,050,247
|
|
|
$
|
677,125
|
|
|
$
|
410,536
|
|
|
$
|
—
|
|
|
$
|
4,137,908
|
Intersegment revenues (1) |
|
|
26,060
|
|
|
|
11,478
|
|
|
|
7,222
|
|
|
|
(44,760
|
)
|
|
|
—
|
Total revenues
|
|
|
3,076,307
|
|
|
|
688,603
|
|
|
|
417,758
|
|
|
|
(44,760
|
)
|
|
|
4,137,908
|
Net revenues
|
|
|
508,690
|
|
|
|
142,737
|
|
|
|
62,356
|
|
|
|
—
|
|
|
|
713,783
|
Income from operations
|
|
|
230,070
|
|
|
|
29,782
|
|
|
|
(4,335
|
)
|
|
|
—
|
|
|
|
255,517
|
Depreciation and amortization
|
|
|
6,385
|
|
|
|
8,751
|
|
|
|
9,191
|
|
|
|
—
|
|
|
|
24,327
|
Average headcount
|
|
|
7,396
|
|
|
|
4,664
|
|
|
|
3,183
|
|
|
|
—
|
|
|
|
15,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2018 Business Segment Information
(unaudited, dollars
in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
NAST
|
|
Global Forwarding
|
|
All Other and Corporate
|
|
Eliminations
|
|
Consolidated
|
Twelve Months Ended December 31, 2018
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
$
|
12,346,757
|
|
|
$
|
2,487,744
|
|
|
$
|
1,796,671
|
|
|
$
|
—
|
|
|
$
|
16,631,172
|
Intersegment revenues (1) |
|
|
108,643
|
|
|
|
48,343
|
|
|
|
22,872
|
|
|
|
(179,858
|
)
|
|
|
—
|
Total revenues
|
|
|
12,455,400
|
|
|
|
2,536,087
|
|
|
|
1,819,543
|
|
|
|
(179,858
|
)
|
|
|
16,631,172
|
Net revenues
|
|
|
1,906,261
|
|
|
|
543,906
|
|
|
|
255,068
|
|
|
|
—
|
|
|
|
2,705,235
|
Income from operations
|
|
|
821,844
|
|
|
|
91,626
|
|
|
|
(1,387
|
)
|
|
|
—
|
|
|
|
912,083
|
Depreciation and amortization
|
|
|
25,290
|
|
|
|
35,148
|
|
|
|
36,291
|
|
|
|
—
|
|
|
|
96,729
|
Average headcount
|
|
|
7,387
|
|
|
|
4,711
|
|
|
|
3,106
|
|
|
|
—
|
|
|
|
15,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Intersegment revenues represent the sales between our
segments and are eliminated to reconcile to our consolidated results.
Net Revenues by Service Line Information
(unaudited,
dollars in thousands)
|
|
|
|
|
|
|
Three months ended
|
|
Twelve months ended
|
|
|
March 31,
2018
|
|
June 30,
2018
|
|
September 30,
2018
|
|
December 31,
2018
|
|
December 31,
2018
|
NAST
|
|
|
|
|
|
|
|
|
|
|
Truckload
|
|
$
|
312,952
|
|
|
$
|
325,005
|
|
|
$
|
362,115
|
|
|
$
|
375,289
|
|
|
$
|
1,375,361
|
LTL
|
|
|
110,916
|
|
|
|
118,176
|
|
|
|
121,438
|
|
|
|
116,195
|
|
|
|
466,725
|
Intermodal
|
|
|
6,217
|
|
|
|
9,101
|
|
|
|
8,178
|
|
|
|
8,483
|
|
|
|
31,979
|
Other
|
|
|
8,317
|
|
|
|
7,424
|
|
|
|
7,732
|
|
|
|
8,723
|
|
|
|
32,196
|
Total
|
|
$
|
438,402
|
|
|
$
|
459,706
|
|
|
$
|
499,463
|
|
|
$
|
508,690
|
|
|
$
|
1,906,261
|
|
|
|
|
|
|
|
|
|
|
|
Global Forwarding
|
|
|
|
|
|
|
|
|
|
|
Ocean
|
|
$
|
68,694
|
|
|
$
|
86,820
|
|
|
$
|
74,700
|
|
|
$
|
82,113
|
|
|
$
|
312,327
|
Air
|
|
|
26,037
|
|
|
|
28,722
|
|
|
|
28,228
|
|
|
|
28,051
|
|
|
|
111,038
|
Customs
|
|
|
20,655
|
|
|
|
20,793
|
|
|
|
23,305
|
|
|
|
23,762
|
|
|
|
88,515
|
Other
|
|
|
7,651
|
|
|
|
7,696
|
|
|
|
7,868
|
|
|
|
8,811
|
|
|
|
32,026
|
Total
|
|
$
|
123,037
|
|
|
$
|
144,031
|
|
|
$
|
134,101
|
|
|
$
|
142,737
|
|
|
$
|
543,906
|
|
|
|
|
|
|
|
|
|
|
|
Robinson Fresh
|
|
$
|
30,237
|
|
|
$
|
32,644
|
|
|
$
|
26,399
|
|
|
$
|
27,003
|
|
|
$
|
116,283
|
Managed Services
|
|
$
|
18,317
|
|
|
$
|
20,074
|
|
|
$
|
20,080
|
|
|
$
|
20,318
|
|
|
$
|
78,789
|
Other Surface Transportation
|
|
$
|
15,932
|
|
|
$
|
15,028
|
|
|
$
|
14,001
|
|
|
$
|
15,035
|
|
|
$
|
59,996
|
Total
|
|
$
|
625,925
|
|
|
$
|
671,483
|
|
|
$
|
694,044
|
|
|
$
|
713,783
|
|
|
$
|
2,705,235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CHRW-IR
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190401005852/en/
Robert Houghton, Vice President of Investor Relations and Treasury
Email:robert.houghton@chrobinson.com
Source: C.H. Robinson Worldwide, Inc.