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2007/01/31/(Wed)

C.H. Robinson Reports Fourth Quarter and Annual Results [3PL]

C.H. Robinson Worldwide, Inc. ("C.H. Robinson") (NASDAQ:CHRW), reported financial results for the three months and twelve months ended December 31, 2006.

Summarized financial results for the quarter and twelve months ended December 31 are as follows (dollars in thousands, except per share data):

Three months ended Twelve months ended
December 31, December 31,
----------------------------- ------------------------------
2006 2005 % Change 2006 2005 % Change
----------------------------- ------------------------------

Gross
profits $278,522 $236,082 18.0% $1,082,544 $879,750 23.1%
Operating
income 110,375 92,622 19.2% 417,845 326,361 28.0%
Net
income 71,827 58,146 23.5% 266,925 203,358 31.3%
Diluted
EPS $0.41 $0.33 24.2% $1.53 $1.16 31.9%

Total Transportation gross profits increased 19.5 percent to $246.2 million in the fourth quarter of 2006 from $205.9 million in the fourth quarter of 2005. Our Transportation gross profit margin increased to 18.3 percent in 2006 from 15.7 percent in 2005.

The increase in our Transportation gross profit margin in the fourth quarter is due to an increase in our truck transportation gross profit margins and to a change in the mix of services that make up this business line. Our truck transportation gross profit margin expanded as overall market demand slowed and the truck capacity market loosened. We also had faster growth in our miscellaneous transportation management services business line, which has a higher gross profit margin than our overall Transportation business line.

Our truck transportation gross profits increased 19.8 percent in the fourth quarter of 2006. Our growth was driven by both increased margins and increased volumes. While our volume growth was relatively consistent as the quarter progressed, our margins expanded through the quarter.

Our intermodal gross profit increase of 11.1 percent in the fourth quarter of 2006 resulted from an increase in gross profit margins, offset in part by a decrease in volume.

In our international freight forwarding business, our ocean gross profits increased 9.3 percent and our air gross profits increased 17.5 percent in the fourth quarter of 2006.

Miscellaneous transportation gross profits consist primarily of transportation management fees, customs brokerage fees, and warehouse and cross-dock services. The increase of 43.4 percent in the fourth quarter was driven by increases in our transportation management fees and customs brokerage business.

For the fourth quarter, Sourcing gross profits increased 7.5 percent to $21.8 million in 2006 from $20.3 million in 2005. This increase was due to higher volumes with retail and foodservice customers through integrated programs.

Information Services gross profits increased 7.0 percent to $10.5 million in the fourth quarter of 2006 from $9.9 million in the fourth quarter of 2005, due to transaction volume growth and an increase in pricing related to certain truck stop services.

For the fourth quarter, operating expenses increased 17.2 percent to $168.1 million in 2006 from $143.5 million in 2005. This was due to an increase of 17.8 percent in personnel expenses and an increase of 15.4 percent in selling, general and administrative expenses.

As a percentage of gross profits, operating expenses decreased to 60.4 percent in 2006 from 60.8 percent in 2005. This decrease was due to a decline in selling, general and administrative expenses as a percentage of gross profits from 14.3 percent to 14.0 percent.

Founded in 1905, C.H. Robinson Worldwide, Inc., is one of the largest non-asset based third party logistics companies in the world. C.H. Robinson is a global provider of multimodal transportation services and logistics solutions, currently serving over 25,000 customers through a network of 214 offices in North America, South America, Europe, and Asia. C.H. Robinson maintains one of the largest networks of motor carrier capacity in North America and works with approximately 45,000 carriers worldwide.

Posted at 07:55

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