Expeditors records profit, revenue increases
Expeditors International of Washington Inc. said it had fourth quarter net profit of about $70.1 million, 12 percent more than the $62.6 million it made in the same 2006 period.
The Seattle-based logistics company said revenue was about $1.4 billion in the quarter, 16 percent higher than the $1.2 billion in the fourth quarter of 2006.
For the year net profit improved 14 percent to $269 million from $235 million in 2006. Revenue rose 13 percent to $5.2 billion from $4.6 billion in 2006.
“We had a very solid 2007 and can look back with satisfaction at what we have accomplished this year,” said Peter J. Rose, chairman and chief executive officer. “We also think we did just fine in the fourth quarter considering some of the unanticipated costs we had to absorb relative to the Department of Justice’s ongoing investigation of the major players in our industry. Legal fees and recordkeeping requirements associated with complying with the DOJ’s subpoena cost us nearly $4 million this quarter. We’re not making excuses, we’re just explaining.”
“Looking forward to 2008, as we witness the political and economic media pundit du jour doing his or her best to talk us all into participating in some kind of a celebratory recession, we’ll continue to do what we do best. We will focus on improving customer service and gaining market share. If we’d listened to these people back in 1981, we would have never started this company in the first place. As is our practice whenever the economic ‘doom and gloom sayers’ show up, we’ve officially banned the use of the ‘R’ word here at Expeditors. When others perceive things are slowing in the short term, we see opportunity for the long term,” Rose said.