C.H. Robinson Worldwide – Efforts Towards Cost Reduction For Offsetting Inflation Bearing Fruit?

C.H. Robinson delivered mixed quarter four results for 2023 with gross profits of $618.6 million, down by 20% YoY due to a difficult freight market according to the company. Total revenue was also down to $4.2 billion. In terms of productivity initiatives, some improvements were made with a 17% improvement in North American Surface Transportation (NAST) and a 20% improvement in Global Forwarding. CEO Dave Bozeman stated initiatives including harnessing the power of generative AI and large language models, investing in pricing science and contract management technology, and reducing manual tasks for improved customer experience are underway.