July 30 (Reuters) - Global freight forwarder C.H. Robinson CHRW.O reported second-quarter profit above Wall Street estimates on Wednesday, as cost-cutting measures, including job reductions, helped cushion the impact of falling revenue in its truckload and ocean shipping businesses.
The Minnesota-based company reported adjusted income of $1.29 per share for the quarter ended June 30, compared with analysts' average estimate of $1.16, according to data compiled by LSEG.
Total direct expenses fell 9.2% in the quarter, driven by cost-saving initiatives and the divestiture of its European surface transport business.
The company's workforce shrank by 1,616 positions, or 11.2% year-on-year, to 12,858 employees.
Revenue declined 7.7% to $4.14 billion, missing expectations of $4.17 billion largely due to lower pricing in ocean services and reduced fuel surcharges in truckload operations.
C.H. Robinson’s ocean segment focuses on managing freight costs and optimizing shipping routes, while its North American surface transportation division — one of the largest freight brokerage operations in the U.S. — connects shippers with carriers across the continent.
Shares of the company rose more than 2% in after-hours trading. They have fallen close to 6% since the start of the year.
(Reporting by Abhinav Parmar in Bengaluru; Editing by Tasim Zahid)
((Abhinav.Parmar@thomsonreuters.com;))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.