By Micah Maidenberg
C.H. Robinson Worldwide Inc. said revenue jumped 20% in the fourth quarter amid higher pricing and volumes across most of its service lines.
The logistics company on Tuesday reported a profit of $147.8 million, or $1.08 a share, compared with $99.1 million, or 73 cents a share, for the year-earlier period.
Analysts expected 97 cents a share for the latest period, according to FactSet.
Revenue increased to $4.55 billion from $3.79 billion year over year. That was ahead of the consensus estimate for sales of $4.23 billion for fourth quarter.
The company generated more than $1 billion out of its global-forwarding unit, which provides ocean and air freight services and customs brokerage, up 72% year over year. Adjusted gross profit from global forward rose about 40%.
Gains in that business were driven in large part by "higher pricing in ocean across the industry driven by higher demand and higher pricing in air due to reduced air cargo capacity, increased charter flights and larger shipment sizes," C.H. Robinson said.
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