(Reuters) - U.S. freight broker C.H. Robinson missed analysts' estimates for fourth-quarter results on Wednesday, hurt by lower freight demand, sending its shares down about 4% in extended trading.
The logistics industry has been operating in a low volume environment on account of a shift in consumer spending from goods to services post pandemic, coupled with shipping disruptions and supply chain issues.
"Our fourth-quarter results did not meet our expectations as we continue to battle through a poor demand and pricing environment," C.H. Robinson's CEO Dave Bozeman said in a statement.
"Weak freight demand in an elongated market trough, combined with excess carrier capacity, continued to result in a very competitive market," Bozeman added.
The company's revenue fell about 17% to $4.2 billion in the quarter ended Dec. 31, compared with analysts' average estimate of $4.34 billion, according to LSEG data.
On an adjusted basis, it earned 50 cents per share, versus analysts' expectations of 81 cents per share.