Expeditors scores double-digit income, revenue growth
Expeditors International of Washington Inc. reported first quarter net income of $59.3 million, up 13 percent from $52.4 million for the same quarter of 2006.
Net first quarter revenue increased 12 percent to $334 million compared to $298 million.
Peter J. Rose, chairman and chief executive officer, noted this year’s earnings growth came on top of a 70 percent increase in the first quarter of 2006 over 2005.
“This first quarter of 2007 was actually quite challenging, aggressive comparables aside. As expected, March was the strongest month of the quarter — and was a record March. Ocean volumes were good, despite a softer pricing environment as compared with the first quarter of 2006,” Rose said.
“Our air product did just fine, from both an increased tonnage and yield management perspective and the brokerage group, as they typically do, made steady progress,” he added.
Expeditors is a global logistics company based in Seattle, with 172 full-service offices, 60 satellite locations and five international service centers.
Expeditors scores double-digit income, revenue growth
