Robin Rise, the eighth largest Marine freight forwarder, had revenue of about $920 million in the second quarter
On July 31, C.H. ROBINSON, the world's eighth largest ocean freight forwarder, reported its second quarter and first half results.
Robyn's total revenue for the second quarter was approximately $4.48 billion, an increase of 1.4%. Adjusted gross profit was approximately $690 million, an increase of 3.3% year-over-year.
In addition, Robyn's total revenue for the first half of the year was approximately $8.90 billion, down 1.5% year-on-year; Adjusted gross profit was about $1.35 billion, down 0.4% year-over-year.
Among them, the total revenue of Robyn's global freight forwarding business segment in the second quarter was about 920 million US dollars, an increase of 18.1%; Adjusted gross profit of $180 million, an increase of 2.7%. In the first half of the year, the total revenue of this segment was about 1.78 billion US dollars, an increase of 13.4%. Adjusted gross profit of $360 million, an increase of 1.9%.
Robin Sheng said that the growth of global freight forwarding business revenue in the second quarter was mainly due to higher ocean freight rates, while the company strengthened cost control and reduced operating costs.
Commenting on the results, Dave Bozeman, Robyn's President and Chief Executive Officer, said: "Our second quarter results once again demonstrate the effectiveness of our lean operating model. By rigorously executing this new operating model, Robyn will reduce costs and continue to improve the customer experience to prepare for a rebound in the freight market."
Prior to the results, Robyn also announced the sale of its European Surface Transportation (EST) subsidiary to Sennder Technologies GmbH (Sennder), a European digital road freight forwarding company. The transaction is expected to close in the fourth quarter of 2024.
EST has been a subsidiary of Robyn since 1994, providing logistics services in Europe, including vehicle and less-than-truckload transport.
Robyn said the move is part of its strategic optimisation and realignment to focus on its core businesses of North American road transport and global air and sea freight to maximise shareholder value.
Commenting on the sale of EST, Bozeman said: "To win in the market, we need to offer a differentiated service and focus on our core strengths. Europe remains an important strategic market for Robyn and we will focus our global freight and managed services on Europe in the coming years. I am confident that Sennder will be the ideal home for EST and will provide quality and sustainable services to EST's customers."
Commenting on the acquisition of EST, David Nothacker, CEO of Sennder, said: "The acquisition of EST will have a significant impact on Sennder's growth blueprint. Robyn is highly aligned with Sennder's vision and philosophy to create an efficient and sustainable road freight network in Europe. We believe that through the integration of the business, Sennder will significantly increase its performance and market share, while also enhancing the digital capabilities of the entire industry."
Robin rose the first half of the main performance data
Robyn's total revenue for the second quarter was approximately $4.48 billion, an increase of 1.4%. Adjusted gross profit was approximately $690 million, an increase of 3.3% year-over-year.
In addition, Robyn's total revenue for the first half of the year was approximately $8.90 billion, down 1.5% year-on-year; Adjusted gross profit was about $1.35 billion, down 0.4% year-over-year.
Robin rose the global freight forwarding business sector in the first half of the main performance data
Among them, the total revenue of Robyn's global freight forwarding business segment in the second quarter was about 920 million US dollars, an increase of 18.1%; Adjusted gross profit of $180 million, an increase of 2.7%. In the first half of the year, the total revenue of this segment was about 1.78 billion US dollars, an increase of 13.4%. Adjusted gross profit of $360 million, an increase of 1.9%.
Robin Sheng said that the growth of global freight forwarding business revenue in the second quarter was mainly due to higher ocean freight rates, while the company strengthened cost control and reduced operating costs.
Robin promoted President and CEO Dave Bozeman
Commenting on the results, Dave Bozeman, Robyn's President and Chief Executive Officer, said: "Our second quarter results once again demonstrate the effectiveness of our lean operating model. By rigorously executing this new operating model, Robyn will reduce costs and continue to improve the customer experience to prepare for a rebound in the freight market."
Prior to the results, Robyn also announced the sale of its European Surface Transportation (EST) subsidiary to Sennder Technologies GmbH (Sennder), a European digital road freight forwarding company. The transaction is expected to close in the fourth quarter of 2024.
EST has been a subsidiary of Robyn since 1994, providing logistics services in Europe, including vehicle and less-than-truckload transport.
Robyn said the move is part of its strategic optimisation and realignment to focus on its core businesses of North American road transport and global air and sea freight to maximise shareholder value.
Commenting on the sale of EST, Bozeman said: "To win in the market, we need to offer a differentiated service and focus on our core strengths. Europe remains an important strategic market for Robyn and we will focus our global freight and managed services on Europe in the coming years. I am confident that Sennder will be the ideal home for EST and will provide quality and sustainable services to EST's customers."
Commenting on the acquisition of EST, David Nothacker, CEO of Sennder, said: "The acquisition of EST will have a significant impact on Sennder's growth blueprint. Robyn is highly aligned with Sennder's vision and philosophy to create an efficient and sustainable road freight network in Europe. We believe that through the integration of the business, Sennder will significantly increase its performance and market share, while also enhancing the digital capabilities of the entire industry."
