CHRW - Why C.H. Robinson Stock Was Soaring This Week
2024-05-03 08:05:12 ET
Transportation and logistics company C.H. Robinson Worldwide (NASDAQ: CHRW) was delivering for its investors this week. A rather impressive quarterly earnings report brought the bulls into its stock, which according to data compiled by S&P Global Market Intelligence was up by more than 15% week to date before market open on Friday.
C.H. Robinson's first-quarter figures were made public on Wednesday, showing revenue and non-GAAP (adjusted) net income that beat the average analyst estimates (especially for the latter line item, which at $0.88 per share was far above those pundits' collective $0.62 forecast).
Beating estimates was no small feat for the company, as it was operating in an environment of flagging demand. It has adopted a new "lean-based" business model, which it said was a major factor in the better-than-expected performance.
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Why C.H. Robinson Stock Was Soaring This Week