• ITVI.USA
    15,360.600
    75.400
    0.5%
  • OTLT.USA
    2.768
    -0.011
    -0.4%
  • OTRI.USA
    21.410
    -0.010
    0%
  • OTVI.USA
    15,331.810
    75.820
    0.5%
  • TSTOPVRPM.DALLAX
    1.590
    0.150
    10.4%
  • TSTOPVRPM.LAXSEA
    4.080
    0.130
    3.3%
  • TSTOPVRPM.LAXDAL
    3.330
    0.020
    0.6%
  • TSTOPVRPM.ATLPHL
    3.300
    0.000
    0%
  • TSTOPVRPM.PHLCHI
    2.170
    0.020
    0.9%
  • TSTOPVRPM.CHIATL
    3.140
    0.190
    6.4%
  • WAIT.USA
    125.000
    -1.000
    -0.8%
  • ITVI.USA
    15,360.600
    75.400
    0.5%
  • OTLT.USA
    2.768
    -0.011
    -0.4%
  • OTRI.USA
    21.410
    -0.010
    0%
  • OTVI.USA
    15,331.810
    75.820
    0.5%
  • TSTOPVRPM.DALLAX
    1.590
    0.150
    10.4%
  • TSTOPVRPM.LAXSEA
    4.080
    0.130
    3.3%
  • TSTOPVRPM.LAXDAL
    3.330
    0.020
    0.6%
  • TSTOPVRPM.ATLPHL
    3.300
    0.000
    0%
  • TSTOPVRPM.PHLCHI
    2.170
    0.020
    0.9%
  • TSTOPVRPM.CHIATL
    3.140
    0.190
    6.4%
  • WAIT.USA
    125.000
    -1.000
    -0.8%
American Shipper

EXPEDITORS POSTS 10% EARNINGS INCREASE

EXPEDITORS POSTS 10% EARNINGS INCREASE

   Expeditors International of Washington Inc., the global logistics services provider, said its second-quarter net earnings improved 10 percent to $23.7 million

   Net revenues improved 6 percent to $156.1 million on revenues of $535.8 million, up 20 percent. Operating income rose 12 percent to $36.1 million.

   'This quarter was not easy,' said Peter J. Rose, chairman and chief executive officer of Seattle-based Expeditors. 'While our volumes and total revenues were up significantly, market pressures resulted in unprecedented quarterly air-freight yield declines which restrained net revenue growth.'

   Per-share earnings of 22 cents per share were in line with analysts' expectations. Expeditors' shares underwent a two-for-one split in June.

   All of Expeditors' business units saw improved revenues in the second quarter. Air freight jumped 24.5 percent to $279.0 million; ocean freight and ocean services rose 18.8 percent to $170.1 million, and customs brokerage and import services increased 10.8 percent to $86.6 million.

   For the first six months of 2000, Expeditors net earnings improved 7 percent to $45.9 million. Net revenues rose 3 percent to $302.9 million, Total revenues were $985.3 million and operating income was $68.7 million, both were 9-percent improvements over the year-earlier period.

We are glad you’re enjoying the content

Sign up for a free FreightWaves account today for unlimited access to all of our latest content

By signing in for the first time, I give consent for FreightWaves to send me event updates and news. I can unsubscribe from these emails at any time. For more information please see our Privacy Policy.