C.H. Robinson misses fourth-quarter estimates on weak freight demand

Jan 31 (Reuters) - U.S. freight broker C.H. Robinson missed analysts' estimates for fourth-quarter results on Wednesday, hurt by lower freight demand, sending its shares down about 4% in extended trading.

The logistics industry has been operating in a low volume environment on account of a shift in consumer spending from goods to services post pandemic, coupled with shipping disruptions and supply chain issues.

"Our fourth-quarter results did not meet our expectations as we continue to battle through a poor demand and pricing environment," C.H. Robinson's CEO Dave Bozeman said in a statement.

"Weak freight demand in an elongated market trough, combined with excess carrier capacity, continued to result in a very competitive market," Bozeman added.

The company's revenue fell about 17% to $4.2 billion in the quarter ended Dec. 31, compared with analysts' average estimate of $4.34 billion, according to LSEG data.

On an adjusted basis, it earned 50 cents per share, versus analysts' expectations of 81 cents per share.

(Reporting by Abhinav Parmar and Nathan Gomes; Editing by Shilpi Majumdar)