Expeditors International may end up being a rare transportation company that found the chaos of the first quarter beneficial.
All of the key financial indicators for Expeditors were solidly higher. The formula for its better bottom-line performance: Revenues were up 21%, the cost of purchased transportation and related expenses was up more at 24%, but salaries and other operating expenses rose just 12%.
That led to an increase in operating income of 24%, to $265.9 million from $214.8 million a year earlier. Net earnings were up 20%, to $203.8 million from $169.2 million. Net income per diluted share rose to $1.47 from $1.17 a year earlier.
According to SeekingAlpha, the performance beat consensus forecasts. The $1.47-per-share net income was 12 cents better than the consensus. Revenue of $2.67 billion was $130 million more than forecast.
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