C.H. Robinson reports Q1 adjusted EPS 98c, consensus 99c

Reports Q1 revenue $4.6B, consensus $4.82B. "Our first quarter financial results reflect the softening market conditions that have transpired in the freight transportation market over the past twelve months," said Scott Anderson, Interim CEO. "With shippers continuing to manage through elevated inventories amidst slowing economic growth, the balance of supply and demand has shifted from a tight market a year ago to one that is now oversupplied. As spot rates approach the breakeven cost per mile to operate a truck, the market is likely at or near the bottom of the industry cycle, which typically results in capacity exiting the market. Contract rates are also declining as transportation providers adjust to the changing market. During this transition, we’ve continued to increase our focus on delivering an improved customer and carrier experience and a more efficient business model, and we’re taking steps to foster profitable growth through cycles. We are executing on the restructuring plan that was initiated in November, and we’re lowering our 2023 personnel expense by $100 million at the mid-point of our guidance, reflecting actions that have already been taken and additional opportunities to further reduce our costs."