UPDATE 1-C.H. Robinson Q1 profit beats Street, shares up

miércoles 22 de abril de 2009 00:05 CEST
 

* Q1 EPS $0.50 vs est $0.48

* Q1 total rev $1.69 bln, misses est of $1.92 bln

* Shares up 8 pct

April 21 (Reuters) - Third-party logistics provider C.H. Robinson Worldwide Inc (CHRW.O: Cotización) posted a better-than-expected quarterly profit, helped by a growth at its sourcing business and higher margins at its transportation business, sending its shares up 8 percent after the bell.

For the first quarter, net income was $85.4 million, or 50 cents a share, compared with $86.3 million, or 50 cents a share, a year ago. Total revenue fell 15 percent.

The company's sourcing business earned $30.6 million, up 13 percent from the last year.

Gross profit margin at the transportation business, which accounted for more than three-fourth of the company's total revenue, rose to 22.6 percent from 18.2 percent last year, largely driven by a decline in fuel prices, the Eden Prairie, Minnesota-based company said in a statement.

Shares of the company were trading at $53 after the bell. They had closed at $49.09 Tuesday on Nasdaq.

For the alerts, double click on [ID:nWNAB5796] (Reporting by Mary Meyase in Bangalore; Editing by Himani Sarkar)