Analyst Note| Matthew Young, CFA |
Wide-moat logistics specialist C.H. Robinson posted solid 26% first-quarter gross revenue growth year over year (versus 20% last quarter); above our forecast on very strong pricing in the truck brokerage and global forwarding segments. In truck brokerage (NAST), gross revenue grew 14% on increased truckload spot and contract pricing and 15% LTL load growth. Global forwarding revenue more than doubled on surging sell-rates (tight air cargo capacity) and air and ocean volume gains driven by strength among retail end markets.