C.H. Robinson Falls Most Since October as Sales Trail Estimates
C.H. Robinson Worldwide Inc. (CHRW), an arranger of freight shipments, fell the most since October after reporting first-quarter sales that trailed analysts’ estimates.
The shares declined 7.1 percent to $61.18 at 12:02 p.m. in New York, a drop that was among the biggest for companies in the Standard & Poor’s 500 Index. The stock slumped as much as 8.9 percent earlier for the steepest intraday decline since Oct. 26.
Revenue was $2.55 billion, while net income rose 9.8 percent to $106.5 million, or 65 cents a share, the Eden Prairie, Minnesota-based company 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.
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