MINNEAPOLIS (AP) — Trucking company C.H. Robinson Worldwide Inc. reported a higher fourth-quarter profit on Tuesday because it sold off a business, but its adjusted profit was a little smaller than analysts had expected.
The company earned almost $256.4 million, or $1.58 per share, for the quarter that ended Dec. 31. That was more than double its year-earlier profit of $109.2 million, or 67 cents per share. It sold its payment services business T-Chek in October, and the sale added $281.6 million to its quarterly results.
Adjusting for that and other one-time items, C.H. Robinson said it would have earned $108.6 million, or 68 cents per share.
It said revenue rose 15.7 percent to $2.97 billion, from $2.57 billion a year earlier.
Analysts surveyed by FactSet had been expecting a profit of 70 cents per share on revenue of $2.88 billion.
Trucking revenue — by far the company's biggest source of revenue — rose 7.1 percent to $328.3 million. Truckload volumes rose 12 percent. Total operating expenses jumped 35.6 percent to $311 million.
For the full year, C.H. Robinson earned $593.8 million, or $3.67 per share, on revenue of $11.36 billion.
Shares of the Minneapolis company rose 98 cents to close at $67.01 before the results were released. They fell $1.04 to $65.97 in after-hours trading.