CHRW's 2024 Restructuring Program aims to advance the enterprise strategy by optimizing the company's cost structure. In the first quarter of 2024, the initiative streamlined management, reduced the workforce, and refocused product and technology efforts. Management anticipates incurring approximately $25 million of restructuring charges related to the program in the current year. C.H Robinson ended the first quarter of 2024 with a robust liquidity position, holding approximately $121.8 million in cash and ...

In a bid to offer innovative payment solutions to the transportation industry, C.H. Robinson (CHRW) inked a deal with Triumph Financial (TFIN) . CHRW's decision to join TFIN's freight payments platform implies that the former's 450,000 contract carriers will have access to the transportation finance solutions on the TriumphPay Network. Image Source: Zacks Investment Research SkyWest has an expected earnings growth rate of 787% for the current year. The freight broker, through this partnership, will be in a ...

DALLAS, June 17, 2024 (GLOBE NEWSWIRE) -- Triumph Financial, Inc. (Nasdaq: TFIN) and global logistics provider C.H. Robinson (Nasdaq: CHRW) announced today a strategic relationship focused on delivering innovative payment solutions to the transportation industry. C.H. Robinson will join the TriumphPay Network, a platform that connects brokers, shippers, factors and carriers for a streamlined payment experience. This collaboration provides the foundation for delivering new solutions and financial benefits to ...

C.H. Robinson Worldwide, Inc. (CHRW) has chosen Damon Lee as its new chief financial officer (CFO), related to the previously announced CFO transition. Lee will start working with C.H. Robinson on Jul 8, 2024, and will assume the role of CFO the day after the Form 10-Q is filed for the second quarter of 2024. Mike Zechmeister, C.H. Robinson's existing CFO, will continue to serve his role till then and depart at that time, after which he plans to retire. Dave Bozeman, C.H. Robinson's president and chief exec ...

C.H. Robinson Worldwide (CHRW) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, CHRW broke through the 200-day moving average, which suggests a long-term bullish trend.The 200-day simple moving average helps traders and analysts determine overall long-term market trends for stocks, commodities, indexes, and other financial instruments. The indicator moves higher or lower along with longer-term price moves, serving as a support or resistance ...

Here are three stocks with buy rank and strong income characteristics for investors to consider today, May 8th:Gray Television (GTN) : This communications company which currently operates 15 CBS-affiliated television stations, seven NBC-affiliated television stations, seven ABC-affiliated television stations and four daily newspapers, has witnessed the Zacks Consensus Estimate for its current year earnings increasing 11.4% over the last 60 days.This Zacks Rank #1 (Strong Buy) company has a dividend yield of ...

In addition to the other information set forth in this Quarterly Report, you should carefully consider the factors disclosed in Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023, which could materially affect our business, financial condition, or future results. There have not been material changes in our risk factors set forth in the company's 2023 Annual Report on Form 10-K. The risks described in our Annual Report on Form 10-K are not the only risks faci ...

C.H. Robinson Worldwide, Inc. (CHRW) first-quarter 2024 earnings of 86 cents per share outpaced the Zacks Consensus Estimate of 60 cents but declined year over year. Total revenues of $4,412.31 million beat the Zacks Consensus Estimate of $4,209.1 million but declined 4.3% year over year owing to lowerpricing in the company’s truckload services, partially offset by higher pricing and increased volume in its ocean services.Operating expenses grew 1.1% year over year to $530.6 million.Adjusted gross profits f ...

The company easily beat expectations despite a difficult operating environment.Freight logistics company C.H. Robinson Worldwide (CHRW 14.77%) delivered a standout earnings performance in a difficult environment for transportation companies.Investors are taking notice, sending C.H. Robinson shares up 17% as of 10:45 a.m. ET.Getting lean at just the right timeC.H. Robinson is an asset-light logistics company, connecting its more than 90,000 customers to contract carriers and helping those customers coordinat ...

Financial Data and Key Metrics - Q1 total revenues were $4.4 billion, with adjusted gross profit (AGP) of $658 million, down 4% YoY, driven by a 7% decline in NAST and partially offset by a 1% increase in Global Forwarding [48] - Q1 cash flow used by operations was $33 million, compared to $255 million generated in Q1 of last year, primarily due to changes in net operating working capital [24] - Q1 personnel expenses were $379.1 million, including $7.9 million of restructuring charges, down 2.2% YoY excluding restructuring charges [49] - Q1 SG&A expenses were $151.5 million, including $5 million of restructuring charges, up 3.6% YoY excluding restructuring charges [19] - Q1 adjusted EPS was $0.86, excluding $12.9 million of restructuring charges and a $3.1 million tax provision benefit [53] Business Line Data and Key Metrics - NAST truckload volume declined 0.5% YoY, but outpaced market indices, with AGP per load improving sequentially [36] - LTL shipments were up 3% YoY and 1% sequentially, with AGP per order improving within the quarter [39] - Global Forwarding AGP increased by 2.5% YoY, driven by a 7% increase in shipments, partially offset by a 4% decrease in AGP per shipment [106] - Ocean Forwarding AGP increased by 2.5% YoY, with AGP per shipment increasing 13.5% sequentially [106] Market Data and Key Metrics - Ocean rates increased sharply in Q1 on several trade lanes, including Asia to Europe and Asia to North America, but have come down from the February peak [3] - The Red Sea disruption continues, with no clear timeline for resolution, impacting global ocean capacity and transit times [105] - The Panama Canal crossings are currently at 27 per day, compared to the normal 36 per day, due to water level issues [14] Company Strategy and Industry Competition - The company is implementing a new Lean-based operating model to improve execution, discipline, and accountability [2][34] - The company is focused on productivity improvements, with targets of 15% in NAST and 10% in Global Forwarding for 2024 [18][107] - The company is leveraging Generative AI to automate tasks, improve productivity, and enhance customer service [21][46][83] - The company is gaining market share by providing differentiated solutions and customer service, and leveraging investments in technology and talent [3] Management Commentary on Operating Environment and Future Outlook - The company is optimistic about its ability to improve execution regardless of the market environment, despite an elongated freight recession and oversupply of capacity [34] - The company expects Q2 volumes to be sequentially up versus Q1, driven by seasonal factors such as the produce and beverage markets [5][130] - The company is focused on delivering compounded cost structure benefits through productivity improvements and technology investments [18][114] Other Important Information - The company's average Q1 headcount was down 11.3% YoY, with ending headcount down 10.2% to 14,734 [22] - The company returned $91 million of cash to shareholders in Q1, primarily through dividends [113] - The company's net debt to EBITDA leverage at the end of Q1 was 2.73 times, up from 2.34 times at the end of Q4 [120] Q&A Session Summary Question: Can you provide more details on the new operating model and its impact on results? [118] - The new operating model focuses on driving discipline, accountability, and responsibility, with a shift from output-based to input-based decision-making [126][127] - The model has led to improved execution, with AGP per day improving from down 3% in February to up 7% in March [129] Question: How is the company managing working capital given the increase in ocean rates? [10] - The company expects to absorb cash as ocean rates increase, but historically has seen positive cash flows through the cycle [7][65] Question: What are the productivity drivers for the 15% improvement target in NAST? [145] - The company is focusing on balancing volume and margin expectations, leveraging technology to reduce manual tasks, and improving productivity through Generative AI [132][141] Question: How is the competitive landscape impacting the company's market share gains? [151] - The company attributes its market share gains to disciplined execution and the exit of smaller brokers from the market, rather than just industry-wide capacity adjustments [88][92] Question: What are the trends in April, and what is driving them? [149] - The company expects Q2 to show sequential strength, driven by seasonal factors such as the produce and beverage markets, with typical strength in the back half of Q2 [150]