For the third quarter of 2001, C.H. Robinson’s net revenues increased 5.6% to $113.2 million from $107.2 million in the same period last year. Net income in the third quarter increased 22.6% to $22.6 million from $18.5 million in the third quarter of 2000. The company added, however, that those results include $2.0 million worth of income from certain asset sales. Excluding that sale, net income increased 16.1% to $21.4 million, it said.
For the first nine months of 2001, C.H. Robinson said its revenues increased 10.4% to $344.5 million, up from $311.9 million in the first nine months of 2000. Net income for the first nine months increased 20.5% to $63.4 million from $52.6 million in the same period last year.
"Due to the economy, many of our customers’ freight volumes have decreased compared to previous periods," said D.R. "Sid" Verdoorn, the company’s chairman and CEO. "Despite that, our core truck transportation business was up more than 8%. We expect the fourth quarter of this year to continue to be challenging for revenue growth. With regard to 2002, at this time we believe from talking to our customers and carrier partners that next year will be just as challenging as the last three quarters have been."