Logistics firm CH Robinson beats profit estimates on cost cuts
Nov 1 (Reuters) - CH Robinson Worldwide edged past analysts' estimates for third-quarter profit on Wednesday as cost reductions helped the logistics firm counter a decline in freight volumes.
The company posted an adjusted profit of 84 cents per share for the three months ended September, compared with the average analyst estimate of 82 cents, as per LSEG data.
Parcel delivery companies have instituted cost-control measures to sail through a slump in freight demand against the backdrop of high inflation, as well as waning e-commerce demand after a surge during the pandemic.
CH Robinson's third-quarter operating expenses fell 13.1%, while average headcount declined 13.7%.
Meanwhile, revenue tumbled 27.8% to $4.34 billion, missing estimate of $4.36 billion. (Reporting by Priyamvada C and Aishwarya Jain in Bengaluru; Editing by Sriraj Kalluvila)
