Expeditors’ second-quarter earnings up 35%

Expeditors’ second-quarter earnings up 35%    Expeditors International of Washington boosted its net earnings 35 percent in the second quarter to $37.6 million, as it reported a continued rapid growth in revenues.
   The latest quarterly earnings compare with net earnings of $27.9 million in the second quarter of 2003.
   Net revenues for the second quarter of 2004 increased 25 percent to
$222.2 million and total revenue rose 28 percent to $798.7 million when compared with the same quarter last year. Operating income, which climbed 41 percent to $58.2 million, represented 7.3 percent of total revenue in the in the latest quarter.
   “The more we analyzed these results, the more we realized that we would not have dared dreamt it any better than it actually was,” said Peter J. Rose, chairman and chief executive officer of the company. However, Expeditors also reported a $2 million write-off charge for the second quarter related to an equity investment in a privately-held technology company.
   Broken down by activity, Expeditors’ total revenues showed significant growth across its air freight, ocean freight and other services. In the second quarter, air freight revenue rose 28 percent to $368.6 million. Ocean freight and ocean services revenue grew 25 percent to $290.1 million. Revenue from customs brokerage and other services increased 32 percent to $139.9 million.
   For the six months ended June 30, Expeditors’ net earnings rose 31 percent to $69.5 million. Net revenues for the six months increased 22 percent to $424.7 million and total revenue rose 26 percent to $1.5 billion. Operating income amounted to $107 million, an increase of 36 percent.