Expeditors’ 3rd-quarter profit up 32%
Seattle, Wash.-based global logistics company Expeditors International of Washington Inc. Tuesday reported a 32 percent rise in third quarter net income to $63.8 million thanks to double-digit revenue gains in all three of its business sectors.
Operating income in the latest quarter improved 31 percent to $101.3 million while revenue gained 18 percent to $1.23 billion. Revenue from air freight went up 20 percent to $575.3 million, ocean freight and ocean services revenue increased 13 percent to $433.2 million, and revenue from customs brokerage and other services improved 20 percent to $221.2 million.
“We continued to benefit from market share expansion and productivity gains during the third quarter,” said Peter J. Rose, chairman and chief executive officer of Expeditors.
For the nine months ended Sept. 30, Expeditors’ net income rose 49 percent to $172.5 million. operating income increased 48 percent to $275.5 million, with revenue up 21 percent to $3.38 billion.
Expeditors’ 3rd-quarter profit up 32%
