Expeditors records profit dip

Expeditors records profit dip

Rose

   Expeditors International of Washington Inc. said it had second quarter net profit attributable to shareholders of $54.1 million down 24 percent from $71.2 million in the same quarter of 2008.
   Revenue was $895 million, 38 percent below the $1.45 billion recorded in the second quarter of 2008.
   “We still have a pretty good story to tell,' said Peter J. Rose, chairman and chief executive officer of Expeditors. The company has record cash balances and recorded a 136 percent increase in cash flow provided by operations when compared with the second quarter of 2008.
   “We had no layoffs and remain debt-free. We continue to be well positioned to maintain the value of our people, our culture and our customer relationships. These assets are critical differentiators for us,” he said. “Despite published statistics showing record declines in year-over-year shipping volumes, we continue to attract new customers. As the economy improves, and we believe it will, shippers will ship more. When they do, we expect to reap the benefits of these new relationships.”