(Reuters) -Global freight forwarder C.H. Robinson’s first-quarter profit beat Wall Street estimates on Wednesday, helped by new business gains in its global forwarding segment and improved margins in North American surface transportation business.
“We outgrew the market in both truckload and less-than-truckload while expanding gross margins and improving productivity,” said CEO Dave Bozeman.
“In our global forwarding business, we continued to win new business and optimize our expenses through further increases in productivity.”
President Donald Trump’s tariffs, however, have created market uncertainty and a lack of clarity, causing many of C.H. Robinson’s customers to adopt a wait-and-see approach until the impact of the tariffs on consumer spending and global demand becomes clear.
“We are certainly not immune to global market dynamics,” Bozeman added.
The Minnesota-based company reported adjusted profit of $1.17 per share for the quarter ended March 31, compared with analysts’ average estimate of $1.04, according to data compiled by LSEG.
However, its total revenue fell 8.3% to $4.05 billion, below estimates of $4.26 billion.
(Reporting by Abhinav Parmar in Bengaluru; Editing by Mohammed Safi Shamsi)
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