EXPEDITORS INTERNATIONAL SEES IMPROVED EARNINGS
Expeditors International of Washington Inc., the Seattle-based logistics company, reported improved fourth-quarter and full-year net income.
Fourth-quarter net income rose 5 percent to $27.1 million. Net revenues increased 1 percent to $155.3 million. Operating income was $40.7 million, up 4 percent, on revenue of $429.6 million, down 8 percent.
For 2001, net income was $97.2 million, up 17 percent. Net revenues improved 11 percent to $606.5 million. Operating income rose 15 percent to $146.0 million on revenue of $1.65 billion, down 3 percent.
'Based on our usual standards, many may be tempted to label our fourth quarter a disappointment,' said Peter J. Rose, chairman and chief executive officer. 'Within the context of world events and the global economy, we have to say au contraire.'
Expeditors International provides a range of services, including air and ocean freight forwarding, customs clearance, marine insurance, distribution and international logistics services.