Expeditors Intl. Expects Disruptions From COVID-19 For Remainder Of 2020

(RTTNews) - While reporting its first-quarter financial results on Tuesday, Expeditors International of Washington, Inc. (EXPD) said it expect disruptions from COVID-19 to continue for the remainder of 2020.

The logistics company said that in the first quarter, it saw a significant decline in shipments from its customers in retail, aerospace, automotive, and the oil and energy sectors.

The company added that salaries and related expenses declined 4 percent in the quarter compared to a year ago, primarily due to lower bonuses and commissions under the company's variable compensation plans. However, Expeditors noted that it honored its commitment to not furlough or lay off its employees around the world during this crisis.