Trucking and logistics company C.H. Robinson Worldwide Inc. said on Tuesday that its first-quarter profit rose 10 percent as demand rose for its trucking services. The gains would have been larger but the company said it wasn't able to raise prices fast enough to keep up with rising fuel prices.
C.H. Robinson Worldwide earned $106.5 million, or 65 cents per share, for the quarter that ended March 31. That was up from $97 million, or 59 cents per share, during the same period last year.
Revenue rose 8 percent to $2.55 billion, from $2.37 billion a year earlier.
Analysts surveyed by FactSet had been expecting a profit of 65 cents per share on revenue of $2.6 billion.
Trucking revenue rose 7 percent. Volumes for truckload shipments rose 8 percent. Volumes for less-than-truckload hauling, where a single truck carries goods for multiple customers, rose 13 percent.
Revenue from ocean shipping rose 1 percent to almost $15.8 million. Revenue from other logistics services jumped 24 percent to $17.5 million.
Shares of the Minneapolis-based company rose 30 cents to close at $65.83 before the results were released. They were unchanged in extended trading.