C.H. Robinson Worldwide, Inc. (CHRW) Q3 2022 Earnings Call Transcript
C.H. Robinson Worldwide, Inc. (NASDAQ:CHRW) Q3 2022 Results Conference Call November 2, 2022 8:30 AM ET
Company Participants
Charles Ives - Director, IR
Bob Biesterfeld - President and CEO
Arun Rajan - COO
Mike Zechmeister - CFO
Conference Call Participants
Todd Fowler - KeyBanc
Jason Seidl - Cowen
Brian Ossenbeck - JP Morgan
Bruce Chan - Stifel
Jack Atkins - Stephens
Jordan Alliger - Goldman Sachs
Ken Hoexter - Bank of America
Bascome Majors - Susquehanna
Chris Wetherbee - Citi
Scott Group - Wolfe Research
Jon Chappell - Evercore ISI
Amit Mehrotra - Deutsche Bank
Operator
Good morning, ladies and gentlemen, and welcome to the C.H. Robinson Third Quarter 2022 Conference Call. [Operator Instructions] As a reminder, this conference is being recorded, Wednesday, November 2, 2022.
Charles Ives
Good morning, everyone. On the call with me today is Bob Biesterfeld, our President and Chief Executive Officer; Arun Rajan, our Chief Operating Officer; and Mike Zechmeister, our Chief Financial Officer. Bob and Mike will provide a summary of our 2022 3rd quarter results and outline some new cost reduction actions. Arun will provide an update on the innovation and development occurring across our digital platform, and then we will open the call up for questions. Our earnings presentation slides are supplemental to our earnings release and can be found on 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 Bob.
Bob Biesterfeld
Thank you, Chuck, and good morning, everyone, and thank you for joining us today. On our second quarter earnings call in late July, I talked about a deceleration in demand that we were expecting to see in the second half of 2022 in 3 large verticals for freight, including weakness in the retail market and further slowing in the housing market. We’re now seeing those expectations play out and with slowing freight demand and price declines in both freight forwarding and surface transportation markets. Throughout the changes in the freight cycle, we’ve maintained our focus on continuing to improve the customer and carrier experience while scaling our digital processes and operating model to foster sustainable and profitable growth.