Third-party logistics firm C.H. Robinson said net income for the second quarter increased 18.6%, to $32.3 million; revenues increased 16.2%, to of $158.1 million.
Income for the first half of 2004 rose 17.2%, to $61.4 million on 14.3% revenue growth to $307.6 million, compared to the same period last year.
CEO John Wiehoff noted that transportation revenues for the second quarter increased 16.7% to $134.2 million, from $115 million in 2Q 2003. He pointed out that for 2Q 2004 profit margins decreased from the same period last year due to increased hiring costs driven by the tight capacity market.
He added, however, that truck transportation revenues grew 17.4% in the second quarter, as a result of volume growth in both TL and LTL transactions.
Intermodal business climbed only 2.9% and international ocean revenues declined 2%. Airfreight revenues, however, shot up 125.7%, due to increased volumes with several large international customers.