(Reuters) – Logistics company C.H. Robinson Worldwide Inc on Wednesday reported a lower-than-expected quarterly adjusted profit as a sagging economy hurt freight demand and prices.
Shares of the company fell about 4% to $98.0 after the bell.
Rising interest rates and fears of a recession have choked consumer spending in a blow to shipment volumes in the global logistics industry.
“Prices for ground transportation and global freight forwarding are declining due to the changing balance of supply and demand,” interim Chief Executive Scott Anderson said in the company’s earnings release.
The Minnesota-based company reported an adjusted profit of $1.03 per share for the quarter ended Dec. 31, compared with analysts’ average estimate of $1.38 per share, according to Refinitiv data.
Revenue fell 22.1% to $5.07 billion, missing expectations of $5.68 billion.
(Reporting by Priyamvada C and Shivansh Tiwary in Bengaluru; Editing by Devika Syamnath)
Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.