C.H. Robinson Worldwide, Inc. today reported financial results for the quarter ended March 31, 2021.
First Quarter Key Metrics:
- Total revenues increased 26.3 percent to $4.8 billion.
- Gross profits increased 23.7 percent to $697.7 million.
- Adjusted gross profits(1) increased 23.7 percent to $702.4 million.
- Income from operations increased 104.1 percent to $223.3 million.
- Adjusted operating margin(1) increased 1,250 basis points to 31.8 percent.
- Diluted earnings per share (EPS) increased 124.6 percent to $1.28.
- Cash flow from operations decreased $115.2 million to $56.7 million used by operations.
(1) Adjusted gross profits and adjusted operating margin are Non-GAAP financial measures. The same factors described in this release that impacted these Non-GAAP measures also impacted the comparable GAAP measures. Refer to page 9 for further discussion and a GAAP to Non-GAAP reconciliation.
“We are proud of our first quarter results. As global shipping markets remain disrupted, our team around the globe stayed focused on serving the needs of our customers and delivering innovative solutions to keep global supply chains moving. During the quarter, we delivered strong financial results, while continuing to deliver against many of our initiatives related to growth, productivity and the advancement of our digital strategy,” said Bob Biesterfeld, Chief Executive Officer of C.H. Robinson.
“We generated 125% growth in earnings per share due to profit growth in our two largest business segments, North American Surface Transportation ('NAST') and Global Forwarding. NAST's adjusted gross profit per business day increased 15% and operating income was up 39% compared to the first quarter of 2020. These results were driven by a 23% improvement in adjusted gross profit per load in our truckload business coupled with continued strong market share gains in our less than truckload business where volume per business day increased 17% year over year.
"Bolstering these results were continued benefits of our technology investments, which continue to unlock productivity gains and deliver customer value in new and exciting ways. Our Global Forwarding business delivered a 118% increase in total revenues, a 67% increase in adjusted gross profits and a 658% increase in operating income. The forwarding team successfully worked with customers across the globe to navigate a difficult and disrupted market, leading to increased award sizes with current customers and thousands of new commercial relationships.”