US forwarder CH Robinson saw airfreight revenues increase by more than 20% in the first quarter of the year as market growth and acquisitions helped boost performance.
The company said its freight forwarding division saw total revenues for the quarter increase by 18.1% to $553m on the back of double-digit volume growth across all service lines, an increase in Customs revenues, improved rates and the acquisition of Canadian forwarder Milgram & Company last year.
Its airfreight business led the improvement as first-quarter revenues in the division increased by 27.7% to $26m.
The overall company, including its trucking and fresh businesses, saw revenues during the period increase by 14.9% to $3.9bn and net income was up 16.6% to $142m.
Kuehne+Nagel saw first quarter air revenues increase by 23% year on year, Panalpina registered a 3% improvement, and DSV registered a 4% jump.
“In a rapidly changing freight environment, we were able to deliver double-digit net revenue growth, expand our digital capabilities, make significant investments in our Global Forwarding business and deliver increased operating income,” said John Wiehoff, chairman and chief executive CH Robinson.
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