EXPEDITORS REPORTS RECORD THIRD-QUARTER EARNINGS
Expeditors International of Washington Inc., the Seattle-based provider of air and ocean brokerage, forwarding and logistics, reported record net third-quarter net earnings of $30.6 million, up 12 percent from the year-earlier period.
Net revenues increased 13 percent to $177.8 million. Operating income was $47.3 million, up 12 percent, on revenues of $620.4 million, up 27 percent from the year-earlier period.
The company's net per-share earnings of 28 cents was within analysts anticipated range of 26 to 31 cents per share, according to Thomson First Call.
Expeditors' record profit 'was the result of freight volumes which more than offset the expected yield compaction,' said Peter J. Rose, chairman and chief executive officer. The company's yields 'are now much more in line with historical norms,' he added.
While he said the company's third-quarter results were 'not directly affected' by the 12-day U.S. West Coast ports shutdown, 'the fourth quarter of 2002 will be challenging.'
For the first nine months of 2002, net earnings rose 9 percent to $76.5 million, while net revenues increased 7 percent to $480.6 million. Operating income rose 10 percent to $116.1 million, on revenue of $1.671 billion, up 15 percent.