Net income at third party logistics provider C.H. Robinson Worldwide rose 11.3% to $25.2 million in the second quarter compared to the same period last year. The company added that net income for the first half of 2002 jumped 12.9% to $46.8 million compared to the same period last year.
CEO John Wiehoff said the volume truckload business increased in the second quarter, but that gross margins declined due to overall tight truck capacity, resulting in flat revenues for the truck-related portion of the Minneapolis-based company's business.
For the second quarter, transportation gross profits increased 1.7% on the strength of less-than-truckload, intermodal, international and transportation management demand, combined with a 1.7% decline in the company's truckload transportation business.
"The truckload gross profit decline was the result of a decrease in our gross profit per transaction, as we had slight increases in volume during the quarter," Wiehoff said.