EXPEDITORS 3RD QUARTER NET EARNINGS UP 7%
Expeditors International said its third-quarter net income rose 7 percent to $27.4 million, despite a 10-percent drop in revenues, to $427 million.
Net revenue rose 4 percent to $157.9 million, while operating income improved 6 percent to $42 million
“While the growth rate is not what we all may have hoped, truth is that not many companies can say `we’re up!’ this quarter,” said Peter J. Rose, chairman and chief executive officer for the Seattle-based logistics company
For the nine months ended Sept. 30, net earnings rose 23 percent to $70.1 million on revenue of $1.2 billion, down 0.5 percent. Net revenues rose 14 percent to $451.3 million, while operating income climbed 19 percent to $105 million.