C.H. Robinson reported a record $102.6 million in the third quarter, a 7.5 percent gain over last year, as the logistics giant saw freight volume grow along with improving gross profit margins on its business.
The Minneapolis-based operator, the dominant player in the U.S. truck brokerage market, said net revenue from transportation grew 8.6 percent in the quarter ending Sept. 30 from the same period a year ago, to $336.6 million.
That was a sharp improvement from the second quarter, when C.H. Robinson’s net revenue reached $309.9 million and grew only 1.2 percent from the previous year.
By The Numbers: U.S. IMC Intermodal & Highway Yields.
The core trucking net revenue grew 6 percent in the third quarter over the same period a year ago after declining 2.4 percent in the second quarter as shippers and brokers tried to keep up with rising prices from truckload providers.
C.H. Robinson said its truckload volume surged 40 percent in the most recent three months and that truckload pricing grew 8 percent as capacity tightened during the quarter.
International forwarding, which makes up only about 10 percent of C.H. Robinson’s business, also surged on growing volume. Net ocean revenue grew 27.3 percent although margins in that business declined because of rising costs, and air freight net revenue jumped 37.8 percent.