Expeditors sees volume increases
Expeditors International of Washington has “experienced very significant year-over-year volume increases in both our air freight and ocean freight business,' said Peter J. Rose, chairman and chief executive officer.
The forwarding and logistics company said it expects to report second quarter profit in the range of 38 to 40 cents per share, compared to 25 cents in the same 2009 period, and consensus stock analysts' expectations of 30 cents.
“Our customers seem to be doing well as compared with 2009. This feels particularly good to us because these results are above the second quarter earnings per share we reported in 2008,” Rose said. The company will report quarterly results on Aug. 3.
“At this stage, what we can say is that these results are volume driven on the revenue side and enhanced by productivity efficiencies on the cost side with some favorable foreign exchange gains. That aside, we're very encouraged, albeit we think it still premature to extrapolate these preliminary results of the second quarter over the entire of 2010,' he said.