C.H. Robinson Worldwide Inc. fell the most among companies in the Standard & Poor’s 500 Index after the arranger of freight shipments reported first-quarter sales that trailed analysts’ estimates.
The shares declined 7.5 percent to $60.91 at the close in New York, the steepest drop since Oct. 26. It was the lowest closing price for the Eden Prairie, Minnesota-based company since July 2010, according to data compiled by Bloomberg.
Revenue was $2.55 billion, while net income rose 9.8 percent to $106.5 million, or 65 cents a share, C.H. Robinson said late yesterday. Analysts projected sales would be $2.61 billion and per-share earnings of 65 cents, based on the average of estimates compiled by Bloomberg.
“While the company’s long-term outlook remains favorable, we do not currently see a compelling reason to be more constructive on the stock,” Jason Seidl, a Dahlman Rose & Co. analyst in New York, said today in a note to investors. He rates the shares as hold.