Expeditors reports smaller profit

   Expeditors International of Washington said it had a profit attributable to shareholders of $88.5 million for the third quarter of 2012, compared with $106.6 million for the same quarter last year, a decrease of 17 percent.
   Net revenue for the third quarter of 2012 was $465 million, 6 percent less than the $494 million reported in the third quarter of 2011.
   “During our 30+ year operating history, we have never had the kinds of convergence of industry challenges, in both our customers and service providers’ industries, than we have experienced this year,” said Peter J. Rose, chairman and chief executive officer. “Financially struggling air and ocean carriers; air freight markets adapting to smaller, lighter, more powerful smart phones and mobile tablets versus heavier PCs; lackluster consumer and business demand; and global economic uncertainty have all combined to create a very uniquely challenging business environment.
   “We remain confident, however, in our ability to weather the economic storms, keep our culture intact, remain profitable and continue to build market share that contributes, rather than detracts from the financial stability that our balance sheet shows we’ve constructed over the years,” Rose said. – Chris Dupin