Expeditors lifts 4th-quarter earnings
Seattle-based Expeditors International of Washington Inc. increased its fourth quarter net earnings 20 percent to $43.6 million, compared with $36.4 million in the same quarter of 2003.
Net revenues increased 17 percent to $241.2 million and total revenue was up 28 percent to $934.8 million.
The forwarder’s operating income climbed 14 percent to $66.6 million in the latest quarter, representing 7 percent of revenue.
For the year, net earnings rose 28 percent to $156.1 million from $122 million in 2003. Net revenues increased 21 percent to $906.2 million and total revenues went up 26 percent to $3.3 billion. Operating income for the year was up 29 percent to $241 million, representing 7 percent of revenue.
“We are pleased to report our 2004 earnings as we certainly began this fourth quarter with the recognition that we had our work cut out for us,” said Peter J. Rose, chairman and chief executive officer of Expeditors. “However, our people just dug in and persevered.”