英語(yǔ)翻譯
C.H.Robinson Worldwide,Inc.(CHRW)
A Stand Out Quarter From a Stand Up Company
Results — With the majority of transports reporting meet/miss quarters vs.
reduced estimates thus far in 2Q earnings season,CHRW reported a clean 2Q
EPS beat of $0.54,up 4% YoY and ahead of our $0.52 & the street at $0.53.
Revenues — Transport net revenue improved 3% YoY in 2Q vs.1Q's decline of
0.3%,with net revenue per day in core transportation segment up sequentially
each month in 2Q and into July.Net revenue margin of 18.3% was 2Q record.
Expenses — Strong discretionary cost control evident,with operating margin
improvement of 30 bps to 42.6%,also a 2Q record.Actively managing labor
costs,w/ headcount down 9% from 3Q08 peak pro-forma for acquisitions.
What We're Watching — 1) Core truckload pricing down 5% in 2Q,w/ rate per
mile (ex-fuel) consistent intra-quarter,2) TL volumes down 5% in 2Q and flat
in July suggests market share gain,w/ industry declines likely near 10%,3)
LTL transactions up 20%,but tonnage per transaction fell 15%,while potential
dislocations at competitors could lead to share gain,4) Trucking capacity still
lagging prolonged fall-off in demand,suggesting pricing weakness could linger,
5) Depth/length of economic downturn may test resiliency of asset light model
w/o volume improvement in 2H,although volume comps get easier in 4Q.
這里的w/headcount w/rate w/industry都是什么意思啊
二樓的是白癡嗎 我會(huì)我還把問(wèn)題發(fā)到這里來(lái),看清楚我的問(wèn)題先在發(fā)言好不