Expeditors: Profit, revenue up

Expeditors: Profit, revenue up    Expeditors International of Washington Inc. said it had first quarter net profit of $61.3 million, 3 percent more than the first quarter of 2009.

Rose

   First quarter revenue was $1.2 billion, 32 percent higher than the same 2009 period.
   'We're very upbeat about these first quarter results. Year-over-year air freight and ocean freight volumes were up approximately 40 percent and 15 percent, respectively,” said Peter J. Rose, chairman and chief executive officer. “While capacity constraints and pricing volatility were influenced by air and ocean carrier concerns, yields have returned to more historical levels and it's invigorating to once again be able to report positive quarter-over-quarter operating income growth, which was up 10 percent.
   “Our decision to pursue a strategy of no layoffs and to maintain our service capabilities throughout the recent economic upheaval appears to have paid off,” he said.