Stock Monitor: Forward Air Post Earnings Reporting
LONDON, UK / ACCESSWIRE / February 09, 2018 / Active-Investors.com has just released a free earnings report on C.H. Robinson Worldwide, Inc. (NASDAQ: CHRW). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CHRW. On January 30, 2018, C.H. Robinson reported financial results for the quarter ended and full year ended December 31, 2017. The Company's reported quarter results came in ahead of market expectations. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
C.H. Robinson's total revenues for the fourth quarter of 2017 (Q4 FY17) reached $3.96 billion, up 16% from $3.42 billion in Q4 FY16. This increment in revenues was driven by increased customer pricing, volume, and fuel costs in most of the Company's transportation services. The Company's reported numbers exceeded analysts' consensus estimates of $3.69 billion. Total net revenues for this quarter were $631.85 million, 12.52% higher than $561.52 million in the same period last year.
C.H. Robinson's total operating expenses increased to $420.97 million in Q4 FY17 from $367.95 million in Q4 FY16. This was mainly led by a 19.70% increment in personnel costs and approximately 1.6% increase in the other selling, general, and administrative (SG&A) expenses. Operating income was $210.88 million for the quarter, a y-o-y growth of 8.95%.
The Company's net income was $152.56 million for Q4 FY17, 24.74% higher than $122.30 in Q4 FY16. The diluted EPS also rose to $1.08 per share for the reported quarter, from $0.86 per share in the year ago same period, reflecting a change of approximately 25.58%. The Company's EPS, adjusted for pretax gains, came in at 0.99 per share, higher than analysts' estimates of 0.85 per share.
For the year ending December 31, 2017, C.H. Robinson's total revenues were $14.87 billion, up 13.16% from $13.14 billion in FY16. Total net revenues for the year 2017 also increased approximately 4% to $2.37 billion y-o-y. C.H. Robinson's net income decreased 1.7% to $504.89 million in 2017 from $513.38 million in FY16.
C.H. Robinson's Segment Details
During Q4 2017, NAST (North American Surface Transportation) segment's net revenues jumped 14.32% to $415.31 million on a y-o-y basis, driven primarily by an increase in truckload net revenues. NAST's operating expenses were $234.8 million in Q4 FY17, 14.2% higher than $205.7 million in Q4 FY16. Net income from operations for the quarter ending December 31, 2017, was $180.56 million compared to $157.63 million for the same period last year.
For Q4 FY17, Global Forwarding segment's net revenues advanced 12.08% to $127.87 million on a y-o-y basis. Approximately five percentage points of net revenue growth in this segment can be attributed to the acquisition of Milgram and Company. In this quarter, its operating expenses also jumped 24.1% to $111.0 million y-o-y, mainly due to increases in personnel and SG&A expenses on account of the acquisition. Global Forwarding segment's net income from operations in Q4 FY17 fell 31.62% to $16.84 million from $24.63 million in Q4 FY16.
During Q4 FY17, Robinson Fresh segment net revenues increased 4.58% to $54.12 million y-o-y. For Q4, FY17, Robinson Fresh's operating expenses were $41.2 million, up from $38.8 million in Q4 FY16. Income from operations in the fourth quarter of 2017 decreased to $12.89 million from $12.98 million for the same period in 2016.
For All Other and Corporate segment, managed services net revenue surged 3.67% y-o-y for Q4 FY17 to $18.32 million while other transportation revenues jumped 10.11% to $16.22 million y-o-y.
C.H. Robinson had cash and cash equivalents of $333.89 million as on December 31, 2017, compared to $247.67 million as on December 31, 2016. In Q4, FY17, the Company paid cash dividends of $65.5 million and spent $52.8 million in cash for share repurchase activity, i.e. repurchased 672,401 shares at an average price of $78.53. For full-year 2017, the Company paid cash dividends of $258.22 million and repurchased shares for $203.54 million.
For the quarter ending December 31, 2017, net cash from operating activities was $162.15 million compared to $152.58 million for the same period in 2016. For the year ending December 31, 2017, net cash from operating activities was $380.50 million, which is a decrease of 28.13% from $529.41 million for the same period in 2016. The decrease in cash flow from operations was due to the increase in account receivables, increased volumes, customer rates and cost of transportation, which resulted in increased growth in working capital.
Stock Performance Snapshot
February 08, 2018 - At Thursday's closing bell, C.H. Robinson Worldwide's stock fell 2.27%, ending the trading session at $90.47.
Volume traded for the day: 1.64 million shares.
Stock performance in the last three-month – up 12.39%; previous six-month period – up 36.81%; past twelve-month period – up 18.84%; and year-to-date – up 1.55%
After yesterday's close, C.H. Robinson Worldwide's market cap was at $12.64 billion.
Price to Earnings (P/E) ratio was at 25.31.
The stock has a dividend yield of 2.03%.
The stock is part of the Services sector, categorized under the Air Delivery & Freight Services industry.
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