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C.H. Robinson Worldwide Inc. (CHRW-0.36%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $17.7 billion for 2024, a slight increase from $17.6 billion in 2023. This increase was primarily driven by higher pricing and volume in ocean services, offset by lower pricing and volume in truckload services.
Adjusted gross profits for 2024 were $2.8 billion, up 6.2% from the previous year. The increase was mainly due to higher adjusted gross profit per transaction in truckload and ocean services.
Personnel expenses decreased by 0.6% to $1.5 billion, attributed to cost optimization efforts and productivity improvements, despite higher variable compensation and restructuring charges.
Other selling, general, and administrative expenses increased by 2.5% to $639.6 million, primarily due to a $44.5 million loss on the divestiture of the Europe Surface Transportation business.
Income from operations rose by 30.0% to $669.1 million, driven by increased adjusted gross profits, partially offset by higher operating expenses.
Interest and other income/expenses, net totaled $89.9 million, mainly consisting of $85.9 million in interest expenses.
The effective tax rate for 2024 was 19.6%, slightly lower than the previous year's 20.5%, due to non-recurring discrete items and higher U.S. tax credits.
Net income for 2024 was $465.7 million, a 43.2% increase from the previous year, with diluted earnings per share rising by 41.9% to $3.86.
The report details the company's restructuring efforts, including workforce reductions and facility rationalizations, which resulted in $45.7 million in charges.
C.H. Robinson's North American Surface Transportation segment saw a decrease in total revenues by 6.0% to $11.7 billion, while the Global Forwarding segment's revenues increased by 26.9% to $3.8 billion.
The company continues to focus on optimizing its cost structure and enhancing its logistics capabilities to drive growth and profitability.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the C.H. Robinson Worldwide Inc. annual 10-K report dated February 14, 2025. To report an error, please email earnings@qz.com.