Expeditors boss sees glass half full with 3rd quarter profit rises
Freight forwarder probe widens
Peter J. Rose, chairman and chief executive officer of Expeditors International of Washington Inc., said his company has ignored the economic doomsayers to produce strong third quarter profit growth.
The Seattle, Wash.-based logistics company posted a 16 percent rise in third quarter net income to $74.3 million from $63.8 million a year ago. Operating income in the latest quarter improved 18 percent to $119.5 million while revenue gained 15 percent to $1.41 billion.
Quarterly revenue from air freight went up 9.3 percent to $629.1 million. Ocean freight and ocean services revenue increased 20.1 percent to $520.3 million, while sales from customs brokerage and other services improved 17.2 percent to $261.6 million.
“We are very encouraged by these record quarterly results, particularly in light of what we hear bantered about in the media regarding the strength of the economy,' Rose said. “We are best served by focusing on our opportunities and ignoring the pundits and prognosticators who choose to spend their time analyzing only the challenges, which will always exist in some form or fashion. At Expeditors we think the glass should always be at least half full, and it’s up to us, not external factors, to keep it that way.”
For the nine months ended Sept. 30, Expeditors’ net income rose 15 percent to $199.1 million. Operating income also increased 15 percent to $315.8 million. Revenue was up 12 percent to $3.79 billion.
Rose added that the company is doing its best to conduct “business as usual” as it helps authorities in the investigation over possible anticompetitive practices in the international airfreight forwarding industry.