Third-party logistics provider C.H. Robinson Worldwide Inc. said its gross profit for 2002 increased 6.0% to $483.8 million from $456.6 million in 2001.
C.H. Robinson's income from operations increased 16.6% to $156.6 million and net income increased 14.7% to $96.3. The results for the year 2002 include a previously disclosed $4.25 million charge with respect to a lawsuit settlement, the company said.
For the quarter, its gross profit increased 12.0%, income from operations increased 17.4% and net income increased 18.2% compared to the same quarter in 2001.
"We're very pleased to have returned to double-digit gross profit growth this quarter, despite the continuing challenges of the economy," said CEO John P. Wiehoff. " While there remains a lot of uncertainty in the operating environment, we're hoping to maintain double-digit revenue growth in the coming year, and business activity in the month of January showed growth trends comparable to the fourth quarter of 2002."
Wiehoff said the company's results reflect the successes its branch offices have had selling and marketing through the period. In addition, Wiehoff said he believes the normal seasonal tightness of the truckload capacity market benefited them as it gained additional spot market business.