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30.10.2019 18:14:26

C.H. Robinson's stock plummets, leads Dow transports to sharp losses

Shares of C.H. Robinson Worldwide Inc. plunged 14.6% toward a 2-year low, putting them on track for the biggest one-day selloff since the financial crisis, after the freight transportation company reported third-quarter profit and revenue that missed expectations. The price decline of $13.18 shaved about 80 points off the Dow Jones Transportation Average , which tumbled 226 points, or 2.1%, although the Dow Jones Industrial Average rose 4 points. C.H. Robinson reported late Tuesday a 16.5% drop in net income to $146.9 million, or $1.07 a share, to miss the FactSet consensus of $1.14 for the first time in 9 quarters. Revenue dropped 10.25 to $3.86 billion, below the FactSet consensus of $3.93 billion, a fourth-straight miss. "Tariff concerns and fear of recession are weakening shipper demand," said Chief Executive Bob Biesterfeld in the post-earnings conference call with analysts, according to a FactSet transcript. "And while industry data suggests truckload capacity continues to exit the market, we believe capacity will exceed available shipments for the next few quarters." Bank of America Merrill Lynch analyst Ken Hoexter downgraded the company to underperform from neutral, citing expectations that the "aggressive industry pricing environment" will continue. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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