(Updates share prices starting in first paragraph.)
Feb. 6 (Bloomberg) -- C.H. Robinson Worldwide Inc., the largest North American transportation logistics firm, declined the most of any Standard & Poor’s 500 Index company today after posting lower quarterly profit than analysts estimated.
C.H. Robinson tumbled 9.7 percent to $60.50 at the close in New York. That was the biggest drop for the arranger of freight shipments since December 2008 and the company’s lowest share price in more than two months.
C.H. Robinson’s fourth-quarter profit, excluding purchases and divestitures, was 68 cents a share. That missed the 70-cent average of estimates compiled by Bloomberg and spurred at least two analysts to cut their ratings on the Eden Prairie, Minnesota-based company.
C.H. Robinson is grappling with “increased competition from rapidly expanding high-quality competitors,” John Larkin, a Baltimore-based analyst at Stifel Financial Corp. with a sell rating on the shares, wrote in a note today. “The company will suffer from the law of large numbers and post unimpressive” earnings growth.
--Editors: James Langford, Niamh Ring