Nasdaq-listed C.H. Robinson reported a 4 percent decline in Q32022 revenue to $6 billion on lower ocean and air pricing, partially offset by higher pricing in less-than-truckload (LTL) and truckload operations.
Net income was down 9 percent to $226 million and earnings per share was down 4 percent to $1.78, according to an official release.
“On our second quarter earnings call in late July, I talked about a deceleration in demand that we expected to see in the second half of 2022 in three large verticals for freight, including weakness in the retail market and further slowing in the housing market,” says Bob Biesterfeld, President and Chief Executive Officer, C.H. Robinson. “We’re now seeing those expectations play out with slowing freight demand and price declines in the freight forwarding and surface transportation markets. Throughout the changes in the freight cycle, we have maintained our focus on continuing to improve the customer and carrier experience and scaling our digital processes and operating model to foster sustainable, profitable growth.
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