Expeditors reports 1% drop in Q4 profit

   Expeditors reported a profit attributable to shareholders of $83.5 million in the fourth quarter of 2013, a 1-percent drop from the same 2012 period. Revenue in the quarter was $1.63 billion, up 6 percent.
   For the full year, Expeditors had a profit attributable to shareholders of $348.5 million, a 5-percent increase over 2012. Revenue was up 1 percent to $6.08 billion.  
   “Our 2013 fourth quarter showed steady growth in airfreight and ocean freight services, both in revenue and in volumes,” said Peter J. Rose, chairman and chief executive officer. “Airfreight volumes rose 5 percent, while ocean freight volumes were up nearly 16 percent, as compared with the fourth quarter, 2012. Airfreight pricing remained remarkably consistent with the 2012 fourth quarter, while pricing in the ocean freight market continued to be weak and somewhat volatile, reflecting the underlying economic challenges that faced ocean freight carriers caused primarily by overcapacity concerns.”
   Rose continued, “We also saw the impact of these volume increases spill over into customs brokerage and other services. While it is increasingly acknowledged that the state of the global economy is still not nearly as robust as government, economic and financial pundits would all have us believe, we’ve still found ways to grow profitably while remaining true to the fundamental principles which have been the catalyst for developing this company that had 6 offices and 20 people in 1981 into the $6 billion, nearly 14,000 person, Fortune 500 company it is today,” Rose added.
   Rose announced last fall he is retiring on March 1 as CEO, but will remain as chairman until May 2015.