C.H. Robinson Reports 2022 First Quarter Results

C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW) today reported financial results for the quarter ended March 31, 2022.

First Quarter Key Metrics:

  • Gross profits increased 29.1% to $900.5 million
  • Adjusted gross profits(1) increased 29.0% to $906.2 million
  • Income from operations increased 54.7% to $345.5 million
  • Adjusted operating margin(1) increased 630 basis points to 38.1%
  • Diluted earnings per share (EPS) increased 60.2% to $2.05
  • Cash used by operations improved by $42.8 million to $13.9 million

(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 8 for further discussion and a GAAP to Non-GAAP reconciliation.

"In our first quarter, we delivered record quarterly profits," said Bob Biesterfeld, President and Chief Executive Officer of C.H. Robinson. "Sequential improvement was driven by significant operating margin expansion in our North American Surface Transportation business, as we improved the health of our contractual truckload business, continued to grow our truckload volume, and improved the profitability of our LTL business. Our Global Forwarding team continued delivering excellent service to our customers and collaborating with our carriers, driving more business to our platform. And finally, our Robinson Fresh, Managed Services and Europe Surface Transportation businesses all improved their top line growth and operating income on a year-over-year basis."

Summary of First Quarter Results Compared to the First Quarter of 2021

  • Total revenues increased 41.9% to $6.8 billion, driven primarily by both higher pricing and higher volume across most of our services.
  • Gross profits increased 29.1% to $900.5 million. Adjusted gross profits increased 29.0% to $906.2 million, primarily driven by higher adjusted gross profit per transaction and higher volume across most of our services.
  • Operating expenses increased 17.0% to $560.7 million. Personnel expenses increased 14.6% to $413.4 million, primarily due to higher headcount, which increased 15.1%. Selling, general and administrative ("SG&A") expenses of $147.4 million increased 24.7%, primarily due to higher purchased and contracted services, a non-recurring legal expense, and increased travel expenses.
  • Income from operations totaled $345.5 million, up 54.7% due to the increase in adjusted gross profits, partially offset by the increase in operating expenses. Adjusted operating margin of 38.1% increased 630 basis points.
  • Interest and other income/expense totaled $14.2 million, consisting primarily of $14.5 million of interest expense, which increased $2.3 million versus last year due to a higher average debt balance.
  • The effective tax rate in the quarter was 18.4% compared to 18.3% in the first quarter last year.
  • Net income totaled $270.3 million, up 56.0% from a year ago. Diluted EPS of $2.05 increased 60.2%.

North American Surface Transportation Results

Summarized financial results of our NAST segment are as follows (dollars in thousands):

 

Three Months Ended March 31,

 

 

2022

 

 

2021

 

% change

Total revenues

$

4,114,889

 

$

3,211,423

 

28.1

%

Adjusted gross profits(1)

 

506,100

 

 

421,108

 

20.2

%

Income from operations

 

182,354

 

 

136,784

 

33.3

%

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

First quarter total revenues for C.H. Robinson's NAST segment totaled $4.1 billion, an increase of 28.1% over the prior year, primarily driven by higher truckload and less-than truckload ("LTL") pricing and an increase in truckload shipments. NAST adjusted gross profits increased 20.2% in the quarter to $506.1 million. Adjusted gross profits in truckload increased 19.5% due to a 15.0% increase in adjusted gross profit per load and a 4.0% increase in shipments. Our average truckload linehaul rate per mile charged to our customers, which excludes fuel surcharges, increased approximately 20.5% in the quarter, while truckload linehaul cost per mile, excluding fuel surcharges, increased approximately 21.0%, resulting in a 17.0% increase in truckload adjusted gross profit per mile. LTL adjusted gross profits increased 25.5% versus the year-ago period, as adjusted gross profit per order increased 27.0% and LTL volumes declined 1.0%, mainly driven by a normalization of business levels as our LTL volumes in the first quarter of 2021 continued to be bolstered by a few large customers that benefitted from the stay-at-home trend during COVID. NAST overall volume growth was up 1.0% for the quarter. Operating expenses increased 13.9% primarily due to increased salaries, incentive compensation, and technology expenses. Income from operations increased 33.3% to $182.4 million, and adjusted operating margin expanded 350 basis points to 36.0%. NAST average headcount was up 12.4% in the quarter.

Global Forwarding Results

Summarized financial results of our Global Forwarding segment are as follows (dollars in thousands):

 

Three Months Ended March 31,

 

 

2022

 

 

2021

 

% change

Total revenues

$

2,194,397

 

$

1,156,039

 

89.8

%

Adjusted gross profits(1)

 

321,848

 

 

214,300

 

50.2

%

Income from operations

 

167,638

 

 

90,589

 

85.1

%

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

First quarter total revenues for the Global Forwarding segment increased 89.8% to $2.2 billion, primarily driven by higher pricing and higher volume in both our ocean and air services, reflecting the strong demand environment, market share gains, and strained capacity. Adjusted gross profits increased 50.2% in the quarter to $321.8 million. Ocean adjusted gross profits increased 63.5%, driven by a 52.5% increase in adjusted gross profit per shipment and a 7.0% increase in volumes. Adjusted gross profits in air increased 33.9% driven by a 10.0% increase in metric tons shipped and a 21.5% increase in adjusted gross profit per metric ton. Customs adjusted gross profits increased 13.5%, driven by a higher mix of value-added services and a 5.0% increase in transaction volume. Operating expenses increased 24.7%, primarily driven by increased salaries, incentive compensation and technology expenses. First quarter average headcount increased 18.5%. Income from operations increased 85.1% to $167.6 million, and adjusted operating margin expanded 980 basis points to 52.1% in the quarter.

All Other and Corporate Results

Total revenues and adjusted gross profits for Robinson Fresh, Managed Services and Other Surface Transportation are summarized as follows (dollars in thousands):

 

Three Months Ended March 31,

 

 

2022

 

 

2021

 

% change

Total revenues

$

506,667

 

$

436,407

 

16.1

%

Adjusted gross profits(1):

 

 

 

 

 

Robinson Fresh

$

30,505

 

$

24,948

 

22.3

%

Managed Services

 

28,082

 

 

25,556

 

9.9

%

Other Surface Transportation

 

19,661

 

 

16,468

 

19.4

%

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

First quarter Robinson Fresh adjusted gross profits increased 22.3% to $30.5 million, due to a 7.5% increase in case volume and an increase in integrated supply chain and technology services. Managed Services adjusted gross profits increased 9.9% in the quarter, due to growth in business with both new and existing customers. Other Surface Transportation adjusted gross profits increased 19.4% to $19.7 million, primarily due to a 21.7% increase in Europe truckload adjusted gross profits.

Other Income Statement Items

The first quarter effective tax rate was 18.4%, up from 18.3% last year. We expect our 2022 full-year effective tax rate to be 19 to 21 percent. The first quarter rate is typically lower than our full-year rate due to the tax benefits related to delivery of annual stock-based compensation in the quarter.

Interest and other income/expense totaled $14.2 million, consisting primarily of $14.5 million of interest expense, which increased $2.3 million versus last year due to a higher average debt balance.

Diluted weighted average shares outstanding in the quarter were down 2.6% due primarily to share repurchases over the past twelve months.

Cash Flow Generation and Capital Distribution

Cash used by operations totaled $13.9 million in the first quarter, compared to $56.7 million in the first quarter of 2021. The $42.8 million improvement was primarily due to a $97.0 million increase in net income, partially offset by a $288.5 million sequential increase in net operating working capital in the first quarter of 2022, compared to a $251.8 million sequential increase in the first quarter of 2021. The increase in net operating working capital in the first quarter of 2022 resulted primarily from a $479.0 million sequential increase in accounts receivable and contract assets, compared to a $190.4 million sequential increase in total accounts payable and accrued transportation expense.

In the first quarter of 2022, $250.6 million of cash was returned to shareholders, with $177.7 million in total repurchases of common stock and $72.9 million in cash dividends.

Capital expenditures totaled $26.2 million in the quarter. Capital expenditures for 2022 are expected to be $90 million to $100 million, primarily driven by technology investments in our digital platform.

Outlook

"As questions linger about the impact on global economic growth from the Russian invasion of Ukraine, higher energy prices and inflationary pressures, among other impacts, we believe that our global suite of multimodal services, our growing digital platform, and our resilient and flexible non-asset-based business model will continue to deliver strong financial results through the cycle," Biesterfeld stated. "We will continue to benefit from our product and technology investments while delivering on opportunities to integrate our services to help our customers solve their complex global supply chain issues. We are uniquely positioned to orchestrate end-to-end supply chain success for our customers and to help them not only navigate uncertain market conditions, but to succeed in doing so. One of the core values we live by is to evolve constantly. To advance our industry leadership in a more digital environment, we are evolving to a product-led organization by reorienting the intersection of our growth strategy and our engineering and technology teams with the needs of our customers and carriers, and we'll continue to differentiate ourselves in the market by having great people that our customers can rely on. I’m excited by the initial results from the enhancements that were rolled out in February for our Navisphere Carrier product. We’ll continue to build on our customer-centric commitment by continuing to invest in smart, customer and carrier-focused products, and we’ll launch several new products that we believe will benefit our customers and carriers as we continue to build out the most powerful supply chain platform."

About C.H. Robinson

C.H. Robinson solves logistics problems for companies across the globe and across industries, from the simple to the most complex. With $28 billion in freight under management and 20 million shipments annually, we are one of the world’s largest logistics platforms. Our global suite of services accelerates trade to seamlessly deliver the products and goods that drive the world’s economy. With the combination of our multimodal transportation management system and expertise, we use our information advantage to deliver smarter solutions for our 100,000 customers and 85,000 contract carriers. Our technology is built by and for supply chain experts to bring faster, more meaningful improvements to our customers’ businesses. As a responsible global citizen, we are also proud to contribute millions of dollars to support causes that matter to our company, our Foundation and our employees. For more information, visit us at www.chrobinson.com (Nasdaq: CHRW).

Except for the historical information contained herein, the matters set forth in this release are forward-looking statements that represent our expectations, beliefs, intentions or strategies concerning future events. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience or our present expectations, including, but not limited to, such factors as changes in economic conditions, including uncertain consumer demand; changes in market demand and pressures on the pricing for our services; fuel price increases or decreases, or fuel shortages; competition and growth rates within the global logistics industry; freight levels and increasing costs and availability of truck capacity or alternative means of transporting freight; risks associated with significant disruptions in the transportation industry; changes in relationships with existing contracted truck, rail, ocean, and air carriers; changes in our customer base due to possible consolidation among our customers; risks with reliance on technology to operate our business; cyber-security related risks; risks associated with operations outside of the United States; our ability to identify or complete suitable acquisitions; our ability to successfully integrate the operations of acquired companies with our historic operations; risks associated with litigation, including contingent auto liability and insurance coverage; risks associated with the potential impact of changes in government regulations; our ability to hire and retain a sufficient number of qualified personnel; risks associated with the changes to income tax regulations; risks associated with the produce industry, including food safety and contamination issues; the impact of war on the economy; changes to our capital structure; changes due to catastrophic events including pandemics such as COVID-19; and other risks and uncertainties detailed in our Annual and Quarterly Reports.

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update such statement to reflect events or circumstances arising after such date. All remarks made during our financial results conference call will be current at the time of the call, and we undertake no obligation to update the replay.

Conference Call Information:

C.H. Robinson Worldwide First Quarter 2022 Earnings Conference Call

Wednesday, April 27, 2022; 5:00 p.m. Eastern Time

Presentation slides and a simultaneous live audio webcast of the conference call may be accessed through the Investor Relations link on C.H. Robinson’s website at www.chrobinson.com.

To participate in the conference call by telephone, please call ten minutes early by dialing: 877-269-7756

International callers dial +1-201-689-7817

Adjusted Gross Profit by Service Line

(in thousands)

 

This table of summary results presents our service line adjusted gross profits on an enterprise basis. The service line adjusted gross profits in the table differ from the service line adjusted gross profits discussed within the segments as our segments have revenues from multiple service lines.

 

 

Three Months Ended March 31,

 

 

2022

 

 

2021

 

% change

Adjusted gross profits(1):

 

 

 

 

 

Transportation

 

 

 

 

 

Truckload

$

359,787

 

$

300,023

 

19.9

%

LTL

 

152,312

 

 

121,553

 

25.3

%

Ocean

 

221,463

 

 

135,510

 

63.4

%

Air

 

61,434

 

 

45,894

 

33.9

%

Customs

 

27,495

 

 

24,222

 

13.5

%

Other logistics services

 

55,636

 

 

51,740

 

7.5

%

Total transportation

 

878,127

 

 

678,942

 

29.3

%

Sourcing

 

28,069

 

 

23,438

 

19.8

%

Total adjusted gross profits

$

906,196

 

$

702,380

 

29.0

%

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained later in this release. The difference between adjusted gross profits and gross profits is not material.

GAAP to Non-GAAP Reconciliation

(unaudited, in thousands)

 

Our adjusted gross profit is a non-GAAP financial measure. Adjusted gross profit is calculated as gross profit excluding amortization of internally developed software utilized to directly serve our customers and contracted carriers. We believe adjusted gross profit is a useful measure of our ability to source, add value, and sell services and products that are provided by third parties, and we consider adjusted gross profit to be a primary performance measurement. Accordingly, the discussion of our results of operations often focuses on the changes in our adjusted gross profit. The reconciliation of gross profit to adjusted gross profit is presented below (in thousands):

 

 

Three Months Ended March 31,

 

 

2022

 

 

2021

 

% change

Revenues:

 

 

 

 

 

Transportation

$

6,528,351

 

$

4,560,227

 

43.2

%

Sourcing

 

287,602

 

 

243,642

 

18.0

%

Total revenues

 

6,815,953

 

 

4,803,869

 

41.9

%

Costs and expenses:

 

 

 

 

 

Purchased transportation and related services

 

5,650,224

 

 

3,881,285

 

45.6

%

Purchased products sourced for resale

 

259,533

 

 

220,204

 

17.9

%

Direct internally developed software amortization

 

5,734

 

 

4,647

 

23.4

%

Total direct expenses

 

5,915,491

 

 

4,106,136

 

44.1

%

Gross profit

$

900,462

 

$

697,733

 

29.1

%

Plus: Direct internally developed software amortization

 

5,734

 

 

4,647

 

23.4

%

Adjusted gross profit

$

906,196

 

$

702,380

 

29.0

%

Our adjusted operating margin is a non-GAAP financial measure calculated as operating income divided by adjusted gross profit. We believe adjusted operating margin is a useful measure of our profitability in comparison to our adjusted gross profit which we consider a primary performance metric as discussed above. The comparison of operating margin to adjusted operating margin is presented below:

 

 

Three Months Ended March 31,

 

 

2022

 

 

 

2021

 

 

% change

 

 

 

 

 

 

Total revenues

$

6,815,953

 

 

$

4,803,869

 

 

41.9

%

Operating income

 

345,474

 

 

 

223,329

 

 

54.7

%

Operating margin

 

5.1

%

 

 

4.6

%

 

50 bps

 

 

 

 

 

 

Adjusted gross profit

$

906,196

 

 

$

702,380

 

 

29.0

%

Operating income

 

345,474

 

 

 

223,329

 

 

54.7

%

Adjusted operating margin

 

38.1

%

 

 

31.8

%

 

630 bps

 

Condensed Consolidated Statements of Income

(unaudited, in thousands, except per share data)

 

 

Three Months Ended March 31,

 

 

2022

 

 

 

2021

 

 

% change

 

 

 

 

 

 

Revenues:

 

 

 

 

 

Transportation

$

6,528,351

 

 

$

4,560,227

 

 

43.2

%

Sourcing

 

287,602

 

 

 

243,642

 

 

18.0

%

Total revenues

 

6,815,953

 

 

 

4,803,869

 

 

41.9

%

Costs and expenses:

 

 

 

 

 

Purchased transportation and related services

 

5,650,224

 

 

 

3,881,285

 

 

45.6

%

Purchased products sourced for resale

 

259,533

 

 

 

220,204

 

 

17.9

%

Personnel expenses

 

413,361

 

 

 

360,835

 

 

14.6

%

Other selling, general, and administrative expenses

 

147,361

 

 

 

118,216

 

 

24.7

%

Total costs and expenses

 

6,470,479

 

 

 

4,580,540

 

 

41.3

%

Income from operations

 

345,474

 

 

 

223,329

 

 

54.7

%

Interest and other income/expense, net

 

(14,174

)

 

 

(11,260

)

 

25.9

%

Income before provision for income taxes

 

331,300

 

 

 

212,069

 

 

56.2

%

Provision for income taxes

 

60,952

 

 

 

38,764

 

 

57.2

%

Net income

$

270,348

 

 

$

173,305

 

 

56.0

%

 

 

 

 

 

 

Net income per share (basic)

$

2.07

 

 

$

1.29

 

 

60.5

%

Net income per share (diluted)

$

2.05

 

 

$

1.28

 

 

60.2

%

 

 

 

 

 

 

Weighted average shares outstanding (basic)

 

130,499

 

 

 

134,508

 

 

(3.0

)%

Weighted average shares outstanding (diluted)

 

132,155

 

 

 

135,745

 

 

(2.6

)%

 

Business Segment Information

(unaudited, in thousands, except average headcount)

 

 

 

NAST

 

Global

Forwarding

 

All

Other and

Corporate

 

Consolidated

Three Months Ended March 31, 2022

 

 

 

 

 

 

 

 

Total revenues

 

$

4,114,889

 

$

2,194,397

 

$

506,667

 

 

$

6,815,953

Adjusted gross profits(1)

 

 

506,100

 

 

321,848

 

 

78,248

 

 

 

906,196

Income (loss) from operations

 

 

182,354

 

 

167,638

 

 

(4,518

)

 

 

345,474

Depreciation and amortization

 

 

6,239

 

 

5,555

 

 

10,692

 

 

 

22,486

Total assets (2)

 

 

3,701,164

 

 

2,940,486

 

 

879,688

 

 

 

7,521,338

Average headcount

 

 

7,348

 

 

5,610

 

 

4,300

 

 

 

17,258

 

 

 

 

 

 

 

 

 

 

 

NAST

 

Global

Forwarding

 

All

Other and

Corporate

 

Consolidated

Three Months Ended March 31, 2021

 

 

 

 

 

 

 

 

Total revenues

 

$

3,211,423

 

$

1,156,039

 

$

436,407

 

 

$

4,803,869

Adjusted gross profits(1)

 

 

421,108

 

 

214,300

 

 

66,972

 

 

 

702,380

Income (loss) from operations

 

 

136,784

 

 

90,589

 

 

(4,044

)

 

 

223,329

Depreciation and amortization

 

 

6,625

 

 

5,649

 

 

11,004

 

 

 

23,278

Total assets (2)

 

 

3,218,084

 

 

1,582,967

 

 

795,572

 

 

 

5,596,623

Average headcount

 

 

6,537

 

 

4,735

 

 

3,725

 

 

 

14,997

____________________________________________

(1) Adjusted gross profits is a non-GAAP financial measure explained above. The difference between adjusted gross profits and gross profits is not material.

(2) All cash and cash equivalents are included in All Other and Corporate.

Condensed Consolidated Balance Sheets

(unaudited, in thousands)

 

 

March 31,

2022

 

December 31,

2021

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

242,809

 

$

257,413

Receivables, net of allowance for credit loss

 

4,391,512

 

 

3,963,487

Contract assets, net of allowance for credit loss

 

504,604

 

 

453,660

Prepaid expenses and other

 

140,306

 

 

129,593

Total current assets

 

5,279,231

 

 

4,804,153

 

 

 

 

Property and equipment, net of accumulated depreciation and amortization

 

139,926

 

 

139,831

Right-of-use lease assets

 

297,425

 

 

292,559

Intangible and other assets, net of accumulated amortization

 

1,804,756

 

 

1,791,569

Total assets

$

7,521,338

 

$

7,028,112

 

 

 

 

Liabilities and stockholders’ investment

 

 

 

Current liabilities:

 

 

 

Accounts payable and outstanding checks

$

2,066,915

 

$

1,919,301

Accrued expenses:

 

 

 

Compensation

 

121,768

 

 

201,421

Transportation expense

 

385,603

 

 

342,778

Income taxes

 

143,656

 

 

100,265

Other accrued liabilities

 

182,754

 

 

171,266

Current lease liabilities

 

68,507

 

 

66,311

Current portion of debt

 

572,000

 

 

525,000

Total current liabilities

 

3,541,203

 

 

3,326,342

 

 

 

 

Long-term debt

 

1,593,756

 

 

1,393,649

Noncurrent lease liabilities

 

244,302

 

 

241,369

Noncurrent income taxes payable

 

28,617

 

 

28,390

Deferred tax liabilities

 

17,244

 

 

16,113

Other long-term liabilities

 

714

 

 

315

Total liabilities

 

5,425,836

 

 

5,006,178

 

 

 

 

Total stockholders’ investment

 

2,095,502

 

 

2,021,934

Total liabilities and stockholders’ investment

$

7,521,338

 

$

7,028,112

 

Condensed Consolidated Statements of Cash Flow

(unaudited, in thousands, except operational data)

 

 

Three Months Ended

March 31,

 

 

2022

 

 

 

2021

 

Operating activities:

 

 

 

Net income

$

270,348

 

 

$

173,305

 

Adjustments to reconcile net income to net cash provided by (used for) operating activities:

 

 

 

Depreciation and amortization

 

22,486

 

 

 

23,278

 

Provision for credit losses

 

1,672

 

 

 

(1,250

)

Stock-based compensation

 

24,606

 

 

 

23,989

 

Deferred income taxes

 

(2,916

)

 

 

3,869

 

Excess tax benefit on stock-based compensation

 

(4,965

)

 

 

(7,853

)

Other operating activities

 

42

 

 

 

488

 

Changes in operating elements, net of acquisitions:

 

 

 

Receivables

 

(424,025

)

 

 

(437,862

)

Contract assets

 

(51,439

)

 

 

(43,495

)

Prepaid expenses and other

 

(11,924

)

 

 

(26,692

)

Accounts payable and outstanding checks

 

143,980

 

 

 

206,237

 

Accrued compensation

 

(79,885

)

 

 

(27,977

)

Accrued transportation expenses

 

42,825

 

 

 

24,044

 

Accrued income taxes

 

48,502

 

 

 

34,087

 

Other accrued liabilities

 

8,099

 

 

 

(1,959

)

Other assets and liabilities

 

(1,334

)

 

 

1,099

 

Net cash used in operating activities

 

(13,928

)

 

 

(56,692

)

 

 

 

 

Investing activities:

 

 

 

Purchases of property and equipment

 

(10,046

)

 

 

(5,435

)

Purchases and development of software

 

(16,183

)

 

 

(8,071

)

Other investing activities

 

2,250

 

 

 

 

Net cash used for investing activities

 

(23,979

)

 

 

(13,506

)

 

 

 

 

Financing activities:

 

 

 

Proceeds from stock issued for employee benefit plans

 

25,366

 

 

 

17,709

 

Total repurchases of common stock

 

(177,741

)

 

 

(150,916

)

Cash dividends

 

(72,855

)

 

 

(70,030

)

Proceeds from long-term borrowings

 

200,000

 

 

 

 

Proceeds from short-term borrowings

 

1,062,000

 

 

 

816,000

 

Payments on short-term borrowings

 

(1,015,000

)

 

 

(566,000

)

Net cash provided by (used for) financing activities

 

21,770

 

 

 

46,763

 

Effect of exchange rates on cash

 

1,533

 

 

 

(2,750

)

 

 

 

 

Net change in cash and cash equivalents

 

(14,604

)

 

 

(26,185

)

Cash and cash equivalents, beginning of period

 

257,413

 

 

 

243,796

 

Cash and cash equivalents, end of period

$

242,809

 

 

$

217,611

 

 

 

 

 

 

As of March 31,

Operational Data:

 

2022

 

 

 

2021

 

Employees

 

17,640

 

 

 

15,105

 

CHRW-IR

@CHRobinson reports record quarterly financial results

Contacts

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