Expeditors posts double-digit 3rd quarter increase

Expeditors posts double-digit 3rd quarter increase    Seattle-based Expeditors International of Washington Inc. Tuesday reported double-digit increases to its third quarter net earnings, operating income and revenue.
   Expeditors’ net earnings jumped 29 percent to $55.8 million, from $43.1 million last year. Operating income improved 27 percent to $85.8 million, compared to $67.4 million in the same period 2004.
   Revenue was up 17 percent to $1.04 billion from $897.2 million, with air freight revenue up 17.5 percent to $478.3 million, and revenue from ocean freight and ocean services up 14.3 percent to $383.9 million.
   “While we continued to experience significant volume increases in air and ocean freight during the third quarter of 2005, our real profitability increases came from our ongoing efforts to increase productivity in the delivery of our services,” said Peter J. Rose, chairman and chief executive officer of Expeditors.
   For the nine months ended Sept. 30, Expeditors’ net earnings rose 23 percent to $138.2 million. Operating income increased 21 percent to $211.7 million, with revenue up 17 percent to $2.79 billion.
   Expeditors share value rose 3.5 percent to $62.81 by midday Wednesday on the NASDAQ stock exchange.