C.H. Robinson has reported results for the third quarter of 2024, highlighting continued improvement in its execution enabled by the deployment of its operating model.
As C.H. Robinson's President and Chief Executive Officer, Dave Bozeman shared during the Q3 earnings call, “We are raising the bar, even in a historically prolonged freight recession, with strong execution and disciplined volume growth across divisions while delivering exceptional service for our customers and carriers.”
Q3 2024 highlights
- Significant year-over-year increase in profitability, driven by strong execution, disciplined volume growth and improvement in gross profit, productivity and operating leverage
- Gross profits increased 15.5% to $723.8 million
- Income from operations increased 58.7% to $180.1 million
- Adjusted operating margin1 increased 660 basis points to 24.5%
- Adjusted operating margin, excluding restructuring and loss on divestiture1, increased 1,120 basis points to 32.9%
- Diluted earnings per share (EPS) increased 17.6% to $0.80
- Adjusted EPS1increased 45.5% to $1.28
- Cash generated by operations decreased by $97.2 million to $108.1 million provided by operations, due to an increase in net operating working capital related to higher ocean rates
C.H. Robinson's focus on leveraging advanced technologies such as generative AI, applying lean principles, and streamlining processes has played a crucial role in these achievements. The company's readiness for a future freight market rebound, coupled with its commitment to providing best-in-class service, positions it strongly for continued success.
For more information and insights, be sure to check out the official Q3 2024 results below or on our investor relations website.
Q3 2024 quarterly results
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1Adjusted operating margin, adjusted operating margin, excluding restructuring and loss on divestiture, and adjusted EPS 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 pages 11 through 13 of our press release for further discussion and GAAP to Non-GAAP Reconciliations.