05.08.2014 16:20:49

Expeditors International Q2 Profit Edges Down, Misses View

(RTTNews) - Global logistics company Expeditors International of Washington, Inc. (EXPD) reported Tuesday a 1 percent decline in profit for the second quarter from last year, as higher expenses offset an increase in revenues. Earnings per share missed analysts' expectations, while revenues beat their estimates.

Jeffrey Musser, President and CEO of Expeditors International said, "Our second quarter ocean and airfreight volume increases of 12% and 6%, respectively, provided encouraging revenue growth. We also saw strong revenue growth in our customs brokerage and other services product. While pricing volatility still presents challenges, we feel very good about expanding our ocean freight and airfreight market share in key markets."

The Seattle, Washington-based company's net earnings attributable to shareholders for the second quarter was $91.30 million, down from $92.32 million in the prior-year quarter. However, earnings per share grew to $0.46 from last year's $0.45, reflecting lower number of weighted average shares outstanding.

On average, 18 analysts polled by Thomson Reuters expected the company to report earnings of $0.47 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenues for the quarter grew 6 percent to $1.60 billion from $1.50 billion in the same quarter last year, and came in slightly ahead of analysts' consensus estimate of $1.59 billion.

Net revenues increased 3 percent to $484.71 million from $471.87 million in the prior-year quarter.

Airfreight services revenues grew 4 percent to $667.26 million, while ocean freight and ocean services revenues grew 9 percent to $536.44 million. Airfreight kilos rose 6 percent year-over-year, while ocean freight FEU increased 12 percent.

Customs brokerage and other services recorded a 7 percent increase in revenues for the quarter to $395.45 million.

Total operating expenses increased 7 percent from last year to $1.46 billion. Operating income edged down less than 1 percent to $142.44 million.

"Looking forward to the remainder of 2014, our priority will be to refine and implement the tactical plans supporting the outcome of our strategic assessment. We will also continue to focus on customer service, market share expansion and opportunities to leverage operating efficiencies," Musser added.

EXPD is trading at $42.34, down $1.48 or 3.38 percent on a volume of 393,189 shares.

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