Snapshot: CH Robinson hammered in pre-market

At a glance, it wasn’t a good trading update released today from CH Robinson for Q3 22.

The numbers, announced ahead of trade, were very disappointing against expectations.

The Loadstar reported: “CH Robinson earnings hit by freight rate falls and soft demand in Q3“.

Seeking Alpha added that “the company posted wide misses on top and bottom lines” while “a surprising 3.4% deceleration in revenue” led to a “$320m miss on top line estimates”.

Against Q3 21, “adjusted operating margin decreased 440 basis points to 32.4%,” it added.

The shares fell to $90 in pre-market, down 8%-ish ahead of trading. At the end of trade, they closed at around $88.

(PS: When the markets opened, the shares changed hands at $89.5, down 8.5% against the benchmark indexes falling between 0.3% and 0.4% in the US… and the Fed’s next monetary policy move on fed funds is expected later today…)

Sell-side consensus estimate, according to S&P Global Market Intelligence, is $107.38.

Expect downgrades.

And also expect more from Premium on Thursday (at the latest) after the conference call with analysts, which is currently (9am EST, 2 Nov) underway.