EXPEDITORS INTERNATIONAL POSTS IMPROVED 1ST-QUARTER EARNINGS
Expeditors International of Washington Inc. reported a first-quarter net income of $22.2 million, up 5 percent from the year-earlier period.
The first-quarter result tops a first-quarter of 2001, which was up 58 percent over the first quarter of 2000.
Net revenues for the most recent quarter was $146.7 million, up 1 percent. Operating income rose 5 percent, to $32.6 million, while revenue was off 3 percent, to $393.0 million. An gain of $1.4 million from the sale of Expeditors' old Dublin facility was not included in operating income.
'After struggling with lower volumes and seasonal weakness through most of January and February, we posted the best March we have ever experienced from an operating income standpoint,' said Peter J. Rose, chairman and chief executive officer of Seattle-based Expeditors.