C.H. Robinson Falls Most in S&P 500 After Earnings Miss
C.H. Robinson Worldwide Inc. (CHRW), an arranger of freight shipments, fell the most among companies in the Standard & Poor’s 500 Index after fourth-quarter earnings missed analysts’ estimates.
Shares tumbled 9.4 percent to $53.16 at the close in New York, the biggest decline since February 2013 and the lowest price since August 2012.
Profit excluding purchases and divestitures was 62 cents a share, C.H. Robinson said yesterday, below the average analyst estimate of 68 cents. Revenue at the Eden Prairie, Minnesota-based company was $3.15 billion, lower than analysts’ estimates of $3.27 billion.
C.H. Robinson wasn’t “able to pass along higher costs to customers at a sufficient pace,” Anthony Gallo, an analyst at Wells Fargo & Co., wrote in a note to investors. “We expect this issue to linger in 2014.” He rates the company underperform.
Gallo is one of nine analysts who recommend selling the stock, compared with four who say buy and 17 who rate the stock as hold, according to data compiled by Bloomberg.
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