That affected third-quarter earnings at one of the biggest names in this industry, C.H. Robinson. Visit Business Insider's homepage for more storiesOne of the trucking industry's biggest giants announced third-quarter earnings on Tuesday evening, and the results were even lower than the low expectations analysts had ahead of the release.
That drove down the stocks of other giants in transportation, like YRC Worldwide, Schneider, and Knight-Swift. Overall, the Russell 3000 Truckers Index declined by 6%, which is its largest intraday drop since Aug. 2011. C.H. Robinson's core offering is connecting trucking companies to the manufacturers and retailers who need that trucking capacity to move goods.
C.H. Robinson CEO Robert Biesterfeld pointed to that slowdown in volumes and overcapacity of truckers in explaining the brokerage's very bad quarter. And he said the struggles will continue until more capacity exits the market — largely driven by"Tariff concerns and fears of recession are weakening shipper demand," Biesterfeld said in a Wednesday call with investors.
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