Citi Lowers CHRW 1Q11 EPS Estimate

Citi is lowering its estimates on CH Robinson Worldwide Inc. (NASDAQ: CHRW).

“We are lowering our 1Q11 EPS estimate to $0.58 from $0.61 as we are including the $5.9 million pre-tax impact of the negative court ruling, as well as slightly increasing our target for personnel expense,” Citi writes.

“We view the verdict accrual as somewhat one-time in nature given its relationship to an event in 2004, but we chose to conservatively include it in our ongoing estimate due to the operating related nature of the claim. In addition, personnel expense could be a headwind in 2011 as the company sees incremental incentive compensation costs related to its improved net revenue performance.”

CH Robinson Worldwide closed Wednesday at $75.62.