C.H. Robinson Worldwide, Inc. (CHRW) Q1 2023 Earnings Call Transcript

C.H. Robinson Worldwide, Inc. (NASDAQ:CHRW) Q1 2023 Earnings Conference Call April 26, 2023 5:00 PM ET

Company Participants

Chuck Ives - Director, IR

Scott Anderson - Interim CEO

Mike Zechmeister - CFO

Arun Rajan - COO

Conference Call Participants

Jack Atkins - Stephens

Stephanie Moore - Jefferies

Jason Seidl - TD Cowen

David Zazula - Barclays

Chris Wetherbee - Citigroup

Bruce Chan - Stifel

Jordan Alliger - Goldman Sachs

David Vernon - Bernstein

Ken Hoexter - Bank of America

Operator

Good afternoon, ladies and gentlemen, and welcome to the C.H. Robinson First Quarter 2023 Conference Call. At this time, all participants are in a listen-only mode. Following the company’s prepared remarks, we will open the line for a live question-and-answer session. [Operator Instructions] As a reminder, the conference call is being recorded, Wednesday, April 26, 2023.

I would now like to turn the conference over to Chuck Ives, Director of Investor Relations.

Chuck Ives

Thank you, Donna, and good afternoon, everyone. On the call with me today is Scott Anderson, our interim Chief Executive Officer; Mike Zechmeister, our Chief Financial Officer; and Arun Rajan, our Chief Operating Officer. Scott and Mike will provide a summary of our 2023 first quarter results and our outlook for 2023. Arun will provide an update on our efforts to improve our efficiency and operating leverage, and then we will open the call up for questions.

Our earnings presentation slides are supplemental to our earnings release and can be found in the Investors section of our website at investor.chrobinson.com. Our prepared comments are not intended to follow the slides. If we do refer to specific information on the slides, we will let you know which slide we're referencing.

I'd also like to remind you that our remarks today may contain forward-looking statements. Slide 2 in today's presentation lists factors that could cause our actual results to differ from management's expectations.

And with that, I'll turn the call over to Scott.

Scott Anderson

Thank you, Chuck. Good afternoon, everyone, and thank you for joining us today. Our Q1 financial results reflect the softening market conditions that have transpired in the freight transportation market over the past 12 months. With shippers continuing to manage through elevated inventories amid slowing economic growth, the balance of supply and demand has shifted from a tight market a year ago to one that is now oversupplied.