(Reuters) – Logistics firm C.H. Robinson Worldwide Inc on Wednesday reported a lower-than-expected quarterly adjusted revenue as a sagging economic system harm freight demand and costs.
Shares of the corporate fell about 4% to $98.0 after the bell.
Rising rates of interest and fears of a recession have choked client spending in a blow to cargo volumes within the international logistics business.
“Costs for floor transportation and international freight forwarding are declining because of the altering stability of provide and demand,” interim Chief Government Scott Anderson mentioned within the firm’s earnings launch.
The Minnesota-based firm reported an adjusted revenue of $1.03 per share for the quarter ended Dec. 31, in contrast with analysts’ common estimate of $1.38 per share, in keeping with Refinitiv knowledge.
Income fell 22.1% to $5.07 billion, lacking expectations of $5.68 billion.
(Reporting by Priyamvada C and Shivansh Tiwary in Bengaluru; Modifying by Devika Syamnath)