For the fourth quarter of 2001, C.H. Robinson said net revenues increased 4.3% to $112.1 million, up from $107.4 million in the same quarter of 2000. Net income increased 10.5% to $20.6 million in the fourth quarter, up from $18.6 million in the same period of 2000.
C.H. Robinson said its 2001 net revenues increased 8.9% to $456.6 million, up from $419.3 million in 2000. Net income increased 17.9% to $84 million, up from $71.2 million the previous year, the Minneapolis-based company said.
However, C.H. Robinson chairman & CEO D.R. "Sid" Verdoorn said the company's outlook for 2002 remains cloudy.
"Based on what we've seen so far, we believe the first quarter of 2002 will continue to be tough," he said. "But we're confident our emphasis on sales and marketing will enhance our opportunities through this slow economic period."
He added that, for the fourth quarter and 2001, transportation net revenues increased 4.1% and 9.9% respectively. The growth in truck net revenues, including LTL, was achieved by transaction volume increases, despite a decline in the overall freight volumes of some of the company's major customers. Truck net revenue per transaction for the fourth quarter was down slightly compared to the fourth quarter last year, said Verdoorn.