Tuesday, Expeditors International of Washington, Inc. (EXPD), a logistics company, reported 9% rise in its second-quarter profit, helped by 16% growth in revenues.
The Seattle, Washington-based company posted second-quarter net income of $71.25 million from $65.49 million last year. Earnings per share rose 7% to $0.32 from $0.30 in the previous year. On average, 9 analysts polled by First Call/Thomson Financial expected the company to earn $0.34 per share.
Total revenues grew 16% to $1.45 billion from $1.26 billion in the prior year quarter. Six Wall Street analysts had consensus revenue estimate of $1.45 billion.
Net revenues for the quarter were up 12% at $397.32 million from $354.57 million in the prior year. Same store net revenues for the quarter increased 12% year over year.
Operating income were $112.97 million, up from $101.74 million in the same quarter of 2007. Operating expenses totaled $1.34 billion, an increase from $1.16 billion in the second quarter of 2007.
Among the operating expenses, airfreight consolidation expense rose to $517.68 million from $437.45 million a year-ago and ocean freight consolidation expense increased to $419.77 million from $364.92 million last year. Meanwhile, operating expenses related to customs brokerage and other services were $215.53 million, up from $197.39 million in the prior year quarter.
Commenting on the results, Peter Rose, CEO, said, "This was fundamentally a very strong and a very sound quarter. We had good solid revenue and net revenue growth of 16% and 12%, respectively, and we did an excellent job of managing those costs over which we had control."
Among the segments, airfreight business generated higher revenue of $658.88 million compared to $564.47 million in the prior year quarter. Ocean freight and ocean services generated revenue of $516.47 million, up from $450.43 million in the corresponding quarter a year-ago. Customs brokerage and other services had revenue of $278.90 million for the quarter, up from $243.72 million in the same quarter last year.
For the first six months in 2008, net earnings rose 10% to $137.72 million from $124.78 million in the first six months of 2007. Diluted net earnings per share for the first two quarters of 2008 were $0.62, which was 11% higher than $0.56 for the same period of 2007. Total revenues for the period were $2.76 billion, up 16% from $2.38 billion in the same period of 2007, Net revenues for the six months increased 12% to $771.65 million from $688.71 million in the prior year period.
As of June 30, 2008, cash and cash equivalents totaled $703.49 million, compared to 574.60 million as of December 31, 2007.
Expeditors stock is up 71 cents or 2.03% and currently trading at $35.71. In the past 52-weeks, the stock has between $33.71 and $54.46.
For comments and feedback contact: editorial@rttnews.com
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.