C.H. Robinson’s net income increased by more than 46 percent year-over-year in the third quarter of 2018 amid higher revenues and a lower effective tax rate.
The Eden Prairie, Minn.-based third-party logistics provider had a net income of $175.9 million for the quarter, up 47.6 percent from last year’s third quarter, according to its latest financial statements.
Total revenues were $4.29 billion, up 13.4 percent year-over-year, fueled by growth across all transportation service lines, C.H. Robinson said. Revenues for the quarter surpassed the Zacks consensus estimate by 0.36 percent.
C.H. Robinson’s effective tax rate for the quarter was 26.5 percent, compared to 35.2 percent for the third quarter of 2017, driven primarily by a $16.9 million benefit from the Tax Cuts and Jobs Act of 2017.
Diluted earnings per share of $1.25 for the quarter beat the Zacks consensus estimate of $1.17 per share.
C.H. Robinson averaged 15,291 employees during the quarter, an increase of 2.6 percent from last year’s third quarter.
Capital expenditures totaled $19.5 million for the quarter and C.H. Robinson said it expects its full-year capital expenditures to total between $60 million and $70 million, with the majority used for technology.