C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (Nasdaq: CHRW)
today reported financial results for the quarter ended September
30, 2020.
Third Quarter Key
Metrics:
- Total revenues increased 9.6 percent to $4.2
billion
- Net revenues decreased 7.0 percent to $589.3
million
- Income from operations decreased 16.3 percent to $168.2
million
- Operating margin decreased 310 basis points to 28.6
percent
- Diluted earnings per share (EPS) decreased 6.5 percent to
$1.00
- Cash flow from operations decreased $335.9 million to $168.6
million used by operations
“We were able to deliver solid performance across our
diversified business portfolio and improve our results as the
quarter progressed due to the efforts of our C.H. Robinson team
members around the world,” said Bob Biesterfeld, Chief Executive
Officer of C.H. Robinson. "We also continued to make progress on
our strategic, long-term initiatives around profitable market share
gains, productivity improvements and technology advancements."
Biesterfeld continued, “Against a challenging backdrop, we
delivered on our contractual commitments with acceptance rates that
were above the industry average, while also serving customers'
needs in the spot market.”
Summary of Third Quarter Results
Compared to the Third Quarter of 2019
- Total revenues increased 9.6 percent to $4.2 billion,
driven primarily by higher pricing and higher volume across most of
our service lines.
- Net revenues decreased 7.0 percent to $589.3 million,
primarily driven by rising costs and lower margin in truckload
services, partially offset by contributions from the acquisition of
Prime Distribution Services ("Prime") and higher pricing in most of
our service lines.
- Operating expenses decreased 2.6 percent to $421.0
million, primarily due to approximately $40 million of cost
savings. Personnel expenses decreased 5.5 percent to $302.9
million, driven primarily by short-term cost reductions. Average
headcount decreased 5.6 percent, which included headcount additions
from Prime that added approximately 2.0 percentage points. Average
full-time equivalents decreased 7.6 percent due to furloughs and
reduced work hours that were implemented in the second quarter and
ended in the third quarter. Selling, general and administrative
(“SG&A”) expenses of $118.1 million increased 5.7 percent,
primarily due to the ongoing expenses from the acquisition of Prime
and the prior year period benefiting from a $5.8 million gain on
the sale of an office building in Chicago, partially offset by
significantly lower travel expenses.
- Income from operations totaled $168.2 million, down 16.3
percent due to declining net revenues. Operating margin of
28.6 percent declined 310 basis points.
- Interest and other expenses totaled $7.5 million,
consisting primarily of $11.9 million of interest expense, which
decreased $0.8 million versus last year due to a lower average debt
balance. The third quarter also included a $3.3 million favorable
impact from foreign currency revaluation and realized foreign
currency gains and losses.
- The effective tax rate in the quarter was 15.1 percent
compared to 21.8 percent in the third quarter last year. The lower
effective tax rate was due primarily to the discrete benefits from
foreign tax credit utilization and additional deductions from
increased employee stock option activity in the third quarter.
- Net income totaled $136.5 million, down 7.1 percent from
a year ago. Diluted EPS of $1.00 decreased 6.5 percent.
Summary of Year-to-Date Results
Compared to the Same Period in 2019
- Total revenues increased 1.2 percent to $11.7 billion,
driven by higher pricing in air and ocean services, largely offset
by a decline in truckload revenue.
- Net revenues decreased 11.7 percent to $1.8 billion,
primarily driven by lower margin in truckload services, partially
offset by contributions from the Prime acquisition and margin
expansion in air services.
- Operating expenses decreased 3.6 percent to $1.3
billion. Personnel expenses decreased 6.6 percent to $933.6
million, driven primarily by cost reductions, including a 2.6
percent decrease in average headcount, and a decline in variable
compensation. SG&A expenses increased 4.8 percent to
$371.6 million, due primarily to ongoing expenses from the Prime
acquisition, an $11.5 million loss on the sale-leaseback of a
company-owned data center, and an increase in purchased services,
partially offset by significantly lower travel expenses.
- Income from operations totaled $466.5 million, down 28.6
percent from last year due to declining net revenues. Operating
margin of 26.3 percent decreased 620 basis points.
- Interest and other expenses totaled $32.9 million, which
primarily consists of $36.6 million of interest expense. The
nine-month period also included a $2.2 million favorable impact
from foreign currency revaluation and realized foreign currency
gains and losses.
- The effective tax rate for the nine months was 17.3
percent compared to 22.5 percent in the year-ago period. The lower
effective tax rate was due primarily to the tax benefit related to
stock-based compensation and the discrete benefits of foreign tax
credit utilization.
- Net income totaled $358.6 million, down 25.0 percent
from a year ago. Diluted EPS of $2.63 decreased 23.8
percent.
North American Surface Transportation
Results
Summarized financial results of our NAST segment are as follows
(dollars in thousands):
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2019
% change
2020
2019
% change
Total revenues
$
2,923,842
$
2,826,308
3.5
%
$
8,222,879
$
8,495,145
(3.2
)
%
Net revenues
367,943
433,760
(15.2
)
%
1,120,277
1,406,728
(20.4
)
%
Income from operations
122,526
176,200
(30.5
)
%
357,898
592,215
(39.6
)
%
Third quarter total revenues for C.H. Robinson's NAST segment
totaled $2.9 billion, an increase of 3.5 percent over the prior
year, primarily driven by higher truckload pricing and an increase
in less than truckload ("LTL") shipments. NAST net revenues
decreased 15.2 percent in the quarter to $367.9 million, with the
March 2020 acquisition of Prime contributing 3.5 percentage points
of net revenue growth in the quarter. Net revenues in truckload
decreased 24.1 percent, less than truckload net revenues decreased
4.4 percent, and intermodal net revenues increased 6.1 percent
versus the year-ago period. Excluding fuel surcharges and costs,
average North America truckload linehaul rate per mile charged to
customers increased approximately 10.5 percent in the quarter,
while truckload linehaul cost per mile increased approximately 16.5
percent. Truckload volume increased 0.5 percent in the quarter, and
LTL volumes grew 13.5 percent, both representing market share gains
in the quarter when compared to an 8 percent decline in industry
volumes, as measured by the Cass Freight Index. Intermodal volumes
grew 2.5 percent versus the prior year. Operating expenses
decreased 4.7 percent primarily due to short-term cost reductions.
Income from operations decreased 30.5 percent to $122.5 million,
and operating margin declined 730 basis points to 33.3 percent.
NAST average headcount was down 10.0 percent in the quarter, with
Prime contributing 4.5 percentage points of growth. NAST average
full-time equivalents, which excludes furloughed employees and
accounts for employees with reduced work hours, was down 13.4
percent.
Global Forwarding
Results
Summarized financial results of our Global Forwarding segment
are as follows (dollars in thousands):
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2019
% change
2020
2019
% change
Total revenues
$
831,957
$
597,695
39.2
%
$
2,070,161
$
1,727,745
19.8
%
Net revenues
157,657
135,815
16.1
%
448,931
404,987
10.9
%
Income from operations
46,299
24,676
87.6
%
117,033
65,497
78.7
%
Third quarter total revenues for the Global Forwarding segment
increased 39.2 percent to $832.0 million, primarily driven by
higher pricing in ocean and higher pricing in air due to reduced
air cargo capacity, increased charter flights and larger shipment
sizes. Net revenues increased 16.1 percent in the quarter to $157.7
million. Ocean net revenues increased 14.3 percent, driven
primarily by higher pricing and a 1.5 percent increase in volumes.
Net revenues in air increased 29.2 percent driven by higher
pricing, partially offset by a 19.0 percent decline in shipments.
Customs net revenues decreased 5.3 percent, primarily driven by a
2.5 percent reduction in transaction volume. Operating expenses
increased 0.2 percent, primarily driven by increased incentive
compensation in personnel expenses and partially offset by
short-term cost reductions. Third quarter average headcount
decreased 3.8 percent, and average full-time equivalents decreased
4.7 percent. Income from operations increased 87.6 percent to $46.3
million, and operating margin expanded 1,120 basis points to 29.4
percent in the quarter.
All Other and Corporate
Results
Total revenues and net revenues for Robinson Fresh, Managed
Services and Other Surface Transportation are summarized as follows
(dollars in thousands):
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2019
% change
2020
2019
% change
Total revenues
$
469,001
$
432,129
8.5
%
$
1,364,614
$
1,293,292
5.5
%
Net revenues:
Robinson Fresh
$
24,449
$
26,382
(7.3
)
%
$
82,109
$
86,276
(4.8
)
%
Managed Services
24,060
21,574
11.5
%
70,090
61,985
13.1
%
Other Surface Transportation
15,164
15,900
(4.6
)
%
50,272
47,471
5.9
%
Third quarter Robinson Fresh net revenues decreased 7.3 percent
to $24.4 million, primarily due to a 4.0 percent decrease in case
volume, which was driven by a decline in foodservice volume.
Managed Services net revenues increased 11.5 percent in the
quarter, primarily due to a 17.0 percent increase in volume. Other
Surface Transportation net revenues decreased 4.6 percent to $15.2
million. Europe truckload net revenue was down 7 percent in the
quarter.
Other Income Statement
Items
The third quarter effective tax rate was 15.1 percent, down from
21.8 percent last year. The lower effective tax rate was due
primarily to discrete benefits from foreign tax credit utilization
and the tax benefit from increased stock option activity in the
third quarter. We now expect our 2020 full-year effective tax rate
to be 18 to 20 percent.
Interest and other expenses totaled $7.5 million, consisting
primarily of $11.9 million of interest expense, which decreased
$0.8 million versus last year due to a lower average debt balance.
The third quarter also included a $3.3 million favorable impact
from foreign currency revaluation and realized foreign currency
gains and losses.
Diluted weighted average shares outstanding in the quarter were
down 0.3 percent due primarily to share repurchases over the past
twelve months.
Cash Flow Generation and Capital
Distribution
Cash used by operations totaled $168.6 million in the third
quarter, compared to $167.3 million of cash generated in the third
quarter of 2019. The $336 million decrease in cash flow was driven
primarily by a $362 million sequential increase in accounts
receivable and contract assets that coincided with an increase in
gross sales.
In the third quarter, $71.9 million was returned to
shareholders, with $70.3 million in cash dividends and $1.6 million
in share repurchases related to employee benefit plans.
Capital expenditures totaled $15.2 million in the quarter.
Full-year 2020 capital expenditures are now expected to be $50
million to $55 million, with the majority dedicated to
technology.
Outlook
“We believe we are still in the midst of a strengthening freight
cycle that we anticipate will continue into 2021. Freight markets
are continuing to tighten in the fourth quarter due to higher
demand as we enter the holiday season and lower availability of
carrier capacity. At C.H. Robinson, we'll continue to evaluate our
global business operations to ensure we manage our business in the
most efficient manner, deliver industry leading technology to
unlock growth and efficiency, create better outcomes for our
customers and carriers by utilizing our unmatched combination of
experience, global suite of services, scale and information
advantage, grow profitable market share, and drive the
transformation of C.H. Robinson, so that we can emerge from this
time of uncertainty as an even stronger company,” Biesterfeld
stated.
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 nearly $20 billion in freight under management and 18 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 more than 119,000 customers
and 78,000 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
such as changes in economic conditions, including uncertain
consumer demand; changes in market demand and pressures on the
pricing for our services; competition and growth rates within the
third party logistics industry; freight levels and increasing costs
and availability of truck capacity or alternative means of
transporting freight; changes in relationships with existing
contracted truck, rail, ocean, and air carriers; changes in our
customer base due to possible consolidation among our customers;
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 operations outside of the United
States; risks associated with the potential impact of changes in
government regulations; risks associated with the produce industry,
including food safety and contamination issues; fuel price
increases or decreases, or fuel shortages; cyber-security related
risks; the impact of war on the economy; changes to our capital
structure; risks related to the elimination of LIBOR; 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 Third Quarter 2020 Earnings Conference
Call Wednesday, October 28, 2020; 8:30 a.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
We invite call participants to submit questions in advance of
the conference call, and we will respond to as many of the
questions as we can in the time allowed. To submit your question(s)
in advance of the call, please email chuck.ives@chrobinson.com.
Summarized Financial Results ($ in
thousands, except per share data)
This table of summary results presents our service line net
revenues consistent with our historical presentation and is on an
enterprise basis. The service line net revenues in the table differ
from the service line net revenues discussed within the segments as
our segments have revenues from multiple service lines.
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2019
% change
2020
2019
% change
Total revenues
$
4,224,800
$
3,856,132
9.6
%
$
11,657,654
$
11,516,182
1.2
%
Net revenues:
Transportation
Truckload
$
251,072
$
317,990
(21.0
)
%
$
794,364
$
1,067,334
(25.6
)
%
LTL
118,561
124,523
(4.8
)
%
339,426
363,743
(6.7
)
%
Intermodal
7,455
7,110
4.9
%
22,775
19,484
16.9
%
Ocean
88,927
77,879
14.2
%
237,682
234,884
1.2
%
Air
34,977
27,121
29.0
%
115,720
80,837
43.2
%
Customs
22,464
23,719
(5.3
)
%
63,118
68,903
(8.4
)
%
Other logistics services
42,874
30,025
42.8
%
121,271
90,472
34.0
%
Total transportation
566,330
608,367
(6.9
)
%
1,694,356
1,925,657
(12.0
)
%
Sourcing
22,943
25,064
(8.5
)
%
77,323
81,790
(5.5
)
%
Total net revenues
589,273
633,431
(7.0
)
%
1,771,679
2,007,447
(11.7
)
%
Operating expenses
421,034
432,346
(2.6
)
%
1,305,213
1,354,277
(3.6
)
%
Income from operations
168,239
201,085
(16.3
)
%
466,466
653,170
(28.6
)
%
Net income
$
136,529
$
146,894
(7.1
)
%
$
358,614
$
477,862
(25.0
)
%
Diluted EPS
$
1.00
$
1.07
(6.5
)
%
$
2.63
$
3.45
(23.8
)
%
Our total revenues represent the total dollar value of services
and goods we sell to our customers. Net revenues are a non-GAAP
financial measure calculated as total revenues less the cost of
purchased transportation and related services and the cost of
purchased products sourced for resale. We believe net revenues are
a useful measure of our ability to source, add value, and sell
services and products that are provided by third parties, and we
consider net revenues to be our primary performance measurement.
Accordingly, the discussion of our results of operations often
focuses on the changes in our net revenues. The reconciliation of
total revenues to net revenues is presented below (in
thousands):
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2019
2020
2019
Revenues:
Transportation
$
3,944,981
$
3,608,346
$
10,835,710
$
10,751,890
Sourcing
279,819
247,786
821,944
764,292
Total revenues
4,224,800
3,856,132
11,657,654
11,516,182
Costs and expenses:
Purchased transportation and related
services
3,378,651
2,999,979
9,141,354
8,826,233
Purchased products sourced for resale
256,876
222,722
744,621
682,502
Total costs and expenses
3,635,527
3,222,701
9,885,975
9,508,735
Total net revenues
$
589,273
$
633,431
$
1,771,679
$
2,007,447
Condensed Consolidated
Statements of Income
(unaudited, in thousands, except
per share data)
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2019
2020
2019
Revenues:
Transportation
$
3,944,981
$
3,608,346
$
10,835,710
$
10,751,890
Sourcing
279,819
247,786
821,944
764,292
Total revenues
4,224,800
3,856,132
11,657,654
11,516,182
Costs and expenses:
Purchased transportation and related
services
3,378,651
2,999,979
9,141,354
8,826,233
Purchased products sourced for resale
256,876
222,722
744,621
682,502
Personnel expenses
302,904
320,563
933,607
999,547
Other selling, general, and administrative
expenses
118,130
111,783
371,606
354,730
Total costs and expenses
4,056,561
3,655,047
11,191,188
10,863,012
Income from operations
168,239
201,085
466,466
653,170
Interest and other expense
(7,465
)
(13,180
)
(32,904
)
(36,935
)
Income before provision for income
taxes
160,774
187,905
433,562
616,235
Provision for income taxes
24,245
41,011
74,948
138,373
Net income
$
136,529
$
146,894
$
358,614
$
477,862
Net income per share (basic)
$
1.01
$
1.08
$
2.65
$
3.48
Net income per share (diluted)
$
1.00
$
1.07
$
2.63
$
3.45
Weighted average shares outstanding
(basic)
135,671
136,380
135,385
137,274
Weighted average shares outstanding
(diluted)
137,128
137,476
136,137
138,373
Business Segment
Information
(unaudited, dollars in
thousands)
NAST
Global Forwarding
All Other and Corporate
Consolidated
Three Months Ended September 30, 2020
Total revenues
$
2,923,842
$
831,957
$
469,001
$
4,224,800
Net revenues
367,943
157,657
63,673
589,273
Income (loss) from operations
122,526
46,299
(586
)
168,239
Depreciation and amortization
7,095
9,385
10,436
26,916
Total assets (1)
3,041,974
1,148,118
884,746
5,074,838
Average headcount
6,702
4,607
3,595
14,904
Average full-time equivalents(2)
6,351
4,430
3,449
14,230
NAST
Global Forwarding
All Other and Corporate
Consolidated
Three Months Ended September 30, 2019
Total revenues
$
2,826,308
$
597,695
$
432,129
$
3,856,132
Net revenues
433,760
135,815
63,856
633,431
Income from operations
176,200
24,676
209
201,085
Depreciation and amortization
5,734
9,186
10,560
25,480
Total assets (1)
2,649,259
995,137
992,153
4,636,549
Average headcount
7,448
4,790
3,544
15,782
Average full-time equivalents(2)
7,332
4,647
3,425
15,404
____________________________________________
(1)
All cash and cash equivalents are included
in All Other and Corporate.
(2)
Average full-time equivalents excludes
furloughed employees and accounts for employees with reduced work
hours.
Business Segment
Information
(unaudited, dollars in
thousands)
NAST
Global Forwarding
All Other and Corporate
Consolidated
Nine Months Ended September 30, 2020
Total revenues
$
8,222,879
$
2,070,161
$
1,364,614
$
11,657,654
Net revenues
1,120,277
448,931
202,471
1,771,679
Income (loss) from operations
357,898
117,033
(8,465
)
466,466
Depreciation and amortization
19,550
27,740
29,777
77,067
Total assets (1)
3,041,974
1,148,118
884,746
5,074,838
Average headcount
6,870
4,716
3,591
15,177
NAST
Global Forwarding
All Other and Corporate
Consolidated
Nine Months Ended September 30, 2019
Total revenues
$
8,495,145
$
1,727,745
$
1,293,292
$
11,516,182
Net revenues
1,406,728
404,987
195,732
2,007,447
Income (loss) from operations
592,215
65,497
(4,542
)
653,170
Depreciation and amortization
18,124
27,427
29,571
75,122
Total assets (1)
2,649,259
995,137
992,153
4,636,549
Average headcount
7,436
4,748
3,398
15,582
____________________________________________
(1)
All cash and cash equivalents are included
in All Other and Corporate.
Condensed Consolidated Balance
Sheets
(unaudited, in thousands)
September 30, 2020
December 31, 2019
Assets
Current assets:
Cash and cash equivalents
$
252,569
$
447,858
Receivables, net of allowance for credit
loss
2,346,384
1,974,381
Contract assets, net of allowance for
credit loss
187,973
132,874
Prepaid expenses and other
65,773
85,005
Total current assets
2,852,699
2,640,118
Property and equipment, net
183,244
208,423
Right-of-use lease assets
339,819
310,860
Intangible and other assets
1,699,076
1,481,659
Total assets
$
5,074,838
$
4,641,060
Liabilities and stockholders’
investment
Current liabilities:
Accounts payable and outstanding
checks
$
1,268,905
$
1,062,835
Accrued expenses:
Compensation
130,958
112,784
Transportation expense
147,590
101,194
Income taxes
12,074
12,354
Other accrued liabilities
74,781
62,706
Current lease liabilities
66,692
61,280
Current portion of debt
59,979
142,885
Total current liabilities
1,760,979
1,556,038
Long-term debt
1,093,087
1,092,448
Noncurrent lease liabilities
279,212
259,444
Noncurrent income taxes payable
22,981
22,354
Deferred tax liabilities
44,942
39,776
Other long-term liabilities
278
270
Total liabilities
3,201,479
2,970,330
Total stockholders’ investment
1,873,359
1,670,730
Total liabilities and stockholders’
investment
$
5,074,838
$
4,641,060
Condensed Consolidated
Statements of Cash Flow
(unaudited, in thousands, except
operational data)
Nine Months Ended September
30,
2020
2019
Operating activities:
Net income
$
358,614
$
477,862
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization
77,067
75,122
Provision for credit losses
12,701
642
Stock-based compensation
33,127
40,657
Deferred income taxes
(9,468
)
(3,360
)
Excess tax benefit on stock-based
compensation
(17,127
)
(6,908
)
Other operating activities
13,104
(4,471
)
Changes in operating elements, net of
acquisitions:
Receivables
(367,538
)
104,108
Contract assets
(56,131
)
9,067
Prepaid expenses and other
12,331
(18,940
)
Accounts payable and outstanding
checks
186,755
3,871
Accrued compensation
16,458
(45,319
)
Accrued transportation expenses
46,396
(5,323
)
Accrued income taxes
17,125
(7,042
)
Other accrued liabilities
8,907
5,210
Other assets and liabilities
4,728
(1,318
)
Net cash provided by operating
activities
337,049
623,858
Investing activities:
Purchases of property and equipment
(17,446
)
(26,661
)
Purchases and development of software
(22,815
)
(24,282
)
Acquisitions, net of cash acquired
(223,230
)
(59,188
)
Other investing activities
5,525
16,625
Net cash used for investing activities
(257,966
)
(93,506
)
Financing activities:
Proceeds from stock issued for employee
benefit plans
100,542
40,442
Total repurchases of common stock
(85,098
)
(255,655
)
Cash dividends
(207,428
)
(207,865
)
Proceeds from long-term borrowings
—
929,000
Payments on long-term borrowings
—
(1,018,000
)
Proceeds from short-term borrowings
1,043,600
14,000
Payments on short-term borrowings
(1,126,600
)
(19,000
)
Net cash used for financing activities
(274,984
)
(517,078
)
Effect of exchange rates on cash
612
(7,465
)
Net change in cash and cash
equivalents
(195,289
)
5,809
Cash and cash equivalents, beginning of
period
447,858
378,615
Cash and cash equivalents, end of
period
$
252,569
$
384,424
As of September 30,
Operational Data:
2020
2019
Employees
14,695
15,654
Source: C.H. Robinson CHRW-IR
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201027006117/en/
Chuck Ives, Director of Investor Relations Email:
chuck.ives@chrobinson.com
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