July 30 (Reuters) - Global freight forwarder C.H.
Robinson ( CHRW ) reported second-quarter profit above Wall
Street estimates on Wednesday, as cost-cutting measures,
including job reductions, helped cushion the impact of falling
revenue in its truckload and ocean shipping businesses.
The Minnesota-based company reported adjusted income of
$1.29 per share for the quarter ended June 30, compared with
analysts' average estimate of $1.16, according to data compiled
by LSEG.
Total direct expenses fell 9.2% in the quarter, driven
by cost-saving initiatives and the divestiture of its European
surface transport business.
The company's workforce shrank by 1,616 positions, or
11.2% year-on-year, to 12,858 employees.
Revenue declined 7.7% to $4.14 billion, missing expectations
of $4.17 billion largely due to lower pricing in ocean services
and reduced fuel surcharges in truckload operations.
C.H. Robinson's ( CHRW ) ocean segment focuses on managing freight
costs and optimizing shipping routes, while its North American
surface transportation division - one of the largest freight
brokerage operations in the U.S. - connects shippers with
carriers across the continent.
Shares of the company rose more than 2% in after-hours
trading. They have fallen close to 6% since the start of the
year.