C.H. Robinson Worldwide (CHRW) 8-K C.H. Robinson Reports Third Quarter Results

Exhibit 99.1

C.H. Robinson Worldwide, Inc.

14701 Charlson Road

Eden Prairie, Minnesota 55347

Chad Lindbloom, chief financial officer (952) 937-7779

Angie Freeman, vice president, (952) 937-7847

FOR IMMEDIATE RELEASE

C.H. ROBINSON REPORTS THIRD QUARTER RESULTS

MINNEAPOLIS, October 23, 2012 – C.H. Robinson Worldwide, Inc. (“C.H. Robinson”) (NASDAQ: CHRW), today reported financial results for the quarter ended September 30, 2012.

Summarized financial results for the quarter ended September 30 are as follows (dollars in thousands, except per share data):

	Three months ended September 30,							Nine months ended September 30,
	2012		2011		% change			2012		2011		% change
Total revenues	$	2,880,409	$	2,694,928		6.9	%	$	8,388,237	$	7,768,062		8.0	%
Net revenues:
Transportation
Truck	$	327,960	$	321,366		2.1	%	$	956,007	$	930,168		2.8	%
Intermodal		10,074		10,538		-4.4	%		29,804		31,000		-3.9	%
Ocean		18,498		17,881		3.5	%		51,217		49,851		2.7	%
Air		9,046		9,940		-9.0	%		28,496		30,560		-6.8	%
Other logistics services		17,196		14,752		16.6	%		53,472		43,665		22.5	%
Total transportation		382,774		374,477		2.2	%		1,118,996		1,085,244		3.1	%
Sourcing		33,747		33,089		2.0	%		105,895		101,017		4.8	%
Payment Services		16,149		15,500		4.2	%		48,048		45,012		6.7	%
Total net revenues		432,670		423,066		2.3	%		1,272,939		1,231,273		3.4	%
Operating expenses		245,413		239,101		2.6	%		731,223		710,498		2.9	%
Income from operations		187,257		183,965		1.8	%		541,716		520,775		4.0	%
Net income	$	116,330	$	114,347		1.7	%	$	337,412	$	322,398		4.7	%
Diluted EPS	$	0.72	$	0.70		2.9	%	$	2.08	$	1.95		6.7	%

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C.H. Robinson Worldwide, Inc.

October 23, 2012

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Our truck net revenues, which consist of truckload and less-than-truckload (“LTL”) services, increased 2.1 percent in the third quarter of 2012. Our truckload volumes increased approximately eight percent in the third quarter of 2012 compared to the third quarter of 2011. Our truckload net revenue margin decreased in the third quarter of 2012 compared to the third quarter of 2011, due to increased cost per mile. Excluding the estimated impacts of the change in fuel, our average truckload rate per mile to our customers was unchanged in the third quarter of 2012 compared to the third quarter of 2011. Our truckload transportation costs increased approximately one percent, excluding the estimated impacts of the change in fuel. Our LTL net revenues increased approximately 11 percent. The increase was driven by an increase in total shipments of approximately 17 percent, partially offset by decreased net revenue margin.

Our intermodal net revenues decreased 4.4 percent in the third quarter of 2012. This was due to decreased net revenue margin, offset partially by volume growth. Our net revenue margin decline was due to a change in our mix of business and increased cost of capacity.

Our ocean transportation net revenues increased 3.5 percent in the third quarter of 2012, due to increased pricing, partially offset by volume declines.

Our air transportation net revenues decreased 9.0 percent in the third quarter of 2012 due to pricing declines, partially offset by volume increases.

Other logistics services net revenues, which include transportation management services, customs, warehousing, and small parcel, increased 16.6 percent in the third quarter of 2012. This was primarily due to transaction increases in our transportation management and customs net revenues.

Sourcing net revenues increased 2.0 percent in the third quarter of 2012. This was due to volume growth, partially offset by decreased net revenue margin. Excluding Timco Worldwide, which was acquired on September 26, 2011, we estimate that Sourcing net revenues decreased approximately two percent in the third quarter of 2012.

Our payment services net revenues increased 4.2 percent in the third quarter of 2012 primarily due to an increase in transactions. On October 16, 2012, we completed the sale of our payment services business, T-Chek Systems, Inc., to Electronic Funds Source, LLC. The related assets and liabilities that were sold are classified as “held for sale” on the balance sheet as of September 30, 2012.

For the third quarter, operating expenses increased 2.6 percent to $245.4 million in 2012 from $239.1 million in 2011. This was due to an increase of 0.7 percent in personnel expense and an increase of 8.3 percent in other selling, general, and administrative expenses. For the third quarter, operating expenses as a percentage of net revenues increased to 56.7 percent in 2012 from 56.5 percent in 2011.

Our personnel expense increase was driven by an increase in our average headcount of approximately nine percent, partially offset by declines in various incentive plans that are designed to keep expenses variable based on growth in earnings. Other operating expense growth was driven primarily by an increase in the provision for doubtful accounts, accounting and legal due diligence costs related to acquisitions, and in travel expenses, partially offset by a decrease in claims.

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C.H. Robinson Worldwide, Inc.

October 23, 2012

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Founded in 1905, C.H. Robinson Worldwide, Inc., is one of the largest non-asset based third party logistics companies in the world. C.H. Robinson is a global provider of multimodal transportation services and logistics solutions, currently serving over 37,000 active customers through a network of 234 offices in North America, South America, Europe, Asia, and Australia. C.H. Robinson maintains one of the largest networks of motor carrier capacity in North America and works with approximately 53,000 transportation providers worldwide.

Except for the historical information contained herein, the matters set forth in this release are forward-looking statements that represent our expectations, beliefs, intentions or strategies concerning future events. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our historical experience or our present expectations, including, but not limited to such factors as changes in economic conditions, including uncertain consumer demand; changes in market demand and pressures on the pricing for our services; competition and growth rates within the third party logistics industry; freight levels and increasing costs and availability of truck capacity or alternative means of transporting freight, and changes in relationships with existing truck, rail, ocean and air carriers; changes in our customer base due to possible consolidation among our customers; our ability to integrate the operations of acquired companies with our historic operations successfully; risks associated with litigation and insurance coverage; risks associated with operations outside of the U.S.; risks associated with the potential impacts of changes in government regulations; risks associated with the produce industry, including food safety and contamination issues; fuel prices and availability; the impact of war on the economy; and other risks and uncertainties detailed in our Annual and Quarterly Reports.

Any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update such statement to reflect events or circumstances arising after such date. All remarks made during our financial results conference call will be current at the time of the call and we undertake no obligation to update the replay.

Conference Call Information:

C.H. Robinson Worldwide Third Quarter 2012 Earnings Conference Call

Tuesday October 23, 2012 5:00 pm. Eastern Time

The call will be limited to 60 minutes, including questions and answers.

Presentation slides and a simultaneous live audio webcast of the conference call may be accessed through the Investor Relations link on C.H. Robinson’s website atwww.chrobinson.com

To participate in the conference call by telephone, please call ten minutes early by dialing: 877-941-6009

Callers should reference the conference ID, which is 4568762

Webcast replay available through Investor Relations link atwww.chrobinson.com

Telephone audio replay available until 12:59 a.m. Eastern Time on October 26: 800-406-7325; passcode: 4568762#

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C.H. Robinson Worldwide, Inc.

October 23, 2012

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CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(unaudited, in thousands, except per share data)

	Three months ended September 30,				Nine months ended September 30,
	2012		2011		2012		2011
Revenues:
Transportation	$	2,445,883	$	2,280,208	$	7,099,485	$	6,540,266
Sourcing		418,377		399,220		1,240,704		1,182,784
Payment Services		16,149		15,500		48,048		45,012
Total revenues		2,880,409		2,694,928		8,388,237		7,768,062
Costs and expenses:
Purchased transportation and related services		2,063,109		1,905,731		5,980,489		5,455,022
Purchased products sourced for resale		384,630		366,131		1,134,809		1,081,767
Personnel expenses		179,342		178,117		539,964		532,171
Other selling, general, and administrative expenses		66,071		60,984		191,259		178,327
Total costs and expenses		2,693,152		2,510,963		7,846,521		7,247,287
Income from operations		187,257		183,965		541,716		520,775
Investment and other income		76		50		976		601
Income before provision for income taxes		187,333		184,015		542,692		521,376
Provision for income taxes		71,003		69,668		205,280		198,978
Net income	$	116,330	$	114,347	$	337,412	$	322,398
Net income per share (basic)	$	0.72	$	0.70	$	2.09	$	1.96
Net income per share (diluted)	$	0.72	$	0.70	$	2.08	$	1.95
Weighted average shares outstanding (basic)		160,782		163,948		161,784		164,512
Weighted average shares outstanding (diluted)		161,003		164,471		162,042		165,094

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C.H. Robinson Worldwide, Inc.

October 23, 2012

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CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited, in thousands)

	September 30, 2012		December 31, 2011
Assets
Current assets:
Cash and cash equivalents	$	272,955	$	373,669
Receivables, net		1,334,577		1,189,637
Other current assets		46,399		48,237
Assets held for sale (excluding $24.3 million of cash)		72,235		—
Total current assets		1,726,166		1,611,543
Property and equipment, net		134,437		126,830
Intangible and other assets		382,664		399,668
Total Assets	$	2,243,267	$	2,138,041
Liabilities and stockholders’ investment
Current liabilities:
Accounts payable and outstanding checks	$	729,744	$	704,734
Accrued compensation		86,473		117,541
Other accrued expenses		34,514		54,357
Liabilities held for sale		87,324		—
Total current liabilities		938,055		876,632
Long term liabilities		14,337		12,935
Total liabilities		952,392		889,567
Total stockholders’ investment		1,290,875		1,248,474
Total liabilities and stockholders’ investment	$	2,243,267	$	2,138,041

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C.H. Robinson Worldwide, Inc.

October 23, 2012

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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited, in thousands, except operational data)

	Nine months ended September 30,
	2012			2011
Operating activities:
Net income	$	337,412		$	322,398
Stock-based compensation		21,077			32,074
Depreciation and amortization		26,081			23,714
Provision for doubtful accounts		8,143			6,916
Other non-cash expenses, net		6,346			94
Net changes in operating elements		(131,903	)		(91,641	)
Net cash provided by operating activities		267,156			293,555
Investing activities:
Purchases of property and equipment		(28,096	)		(17,402	)
Purchases and development of software		(10,795	)		(11,679	)
Sales/maturities of available-for-sale securities		—			9,311
Restricted cash		—			5,000
Other		206			161
Net cash used for investing activities		(38,685	)		(14,609	)
Financing activities:
Payment of contingent purchase price		(11,613	)		(4,318	)
Net repurchases of common stock		(163,412	)		(154,982	)
Excess tax benefit on stock-based compensation		9,831			12,967
Cash dividends		(163,273	)		(146,318	)
Net cash used for financing activities		(328,467	)		(292,651	)
Effect of exchange rates on cash		(718	)		(2,165	)
Net change in cash and cash equivalents		(100,714	)		(15,870	)
Cash and cash equivalents, beginning of period		373,669			398,607
Cash and cash equivalents, end of period	$	272,955		$	382,737
	As of September 30,
	2012			2011
Operational Data:
Employees		8,811			8,120
Branches		234			235

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