EXPEDITORS POSTS RECORD EARNINGS

EXPEDITORS POSTS RECORD EARNINGS    Expeditors International of Washington Inc., the Seattle-based forwarder and logistics provider, posted record third-quarter earnings of $25.6 million, a 44 percent increase over last year.
   “We are obviously pleased with these results, and more importantly, with how we achieved them,” said Peter J. Rose, Expeditor's chairman and chief executive officer. “When it comes to generating profitable growth, (our employees) have proven that 'bottom-up buy-in' from individuals who directly benefit from their sustained efforts will outperform those subjected to 'top-down' directives spewing from the remote command center.”
   Net revenue, or sales minus the direct cost of transportation, increased 26 percent to $151.3 million. Total sales grew 17 percent to $475.4 million and operating income jumped 40 percent to $39.7 million.
   Year-to-date, earnings rose 41 percent at Expeditors to $57.1 million on a 24 percent increase in net revenue of $394.9 million.