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C.H. Robinson Appoints Interim CFO & Makes Structural Changes

Zacks Equity Research

C.H. Robinson Worldwide, Inc. CHRW has named an Interim Chief Financial Officer (CFO) and made some structural changes to its enterprise transportation services line.

Scott Hagen, currently serving as Corporate Controller, will double up as the interim CFO with immediate effect. In the intervening period, the company will be looking for a permanent CFO. Scott is a veteran, having led the company’s accounting and financial reporting teams since 2008.

As for the structural alterations, the company has combined its North American Surface Transportation (NAST) and Robinson Fresh transportation networks during the first quarter of 2019. The consolidated entity will be managed and reported under the NAST segment.

C.H. Robinson Worldwide, Inc. Price

 

C.H. Robinson Worldwide, Inc. Price | C.H. Robinson Worldwide, Inc. Quote


With this segmental reorganization, the company’s first-quarter results will be reported under two segments: NAST and Global Forwarding. Meanwhile, results of Robinson Fresh will be combined with that of Managed Services and Other Surface Transportation segments and will be reported under the head “All Other and Corporate”.

Notably, during the fourth quarter of 2018, the company’s NAST, Global Forwarding and Robinson Fresh units contributed 66.9%, 16.4% and 12.9%, respectively, to its total revenues.

Zacks Rank & Key Picks

C.H. Robinson carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Transportation sector are Expeditors International of Washington, Inc. EXPD, GATX Corporation GATX and SkyWest, Inc. SKYW. While Expeditors and GATX carry a Zacks Rank #2 (Buy), SkyWest sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Shares of Expeditors, GATX and SkyWest have rallied more than 13%, 9% and 24%, respectively, on a year-to-date basis.

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