EXPEDITORS INTERNATIONAL ANTICIPATES IMPROVED 3RD-QUARTER RESULTS
Expeditors International of Washington Inc. said Thursday that net income for its third quarter could exceed 1999 levels by 45 percent to 47 percent.
The air and ocean freight forwarder anticipated operating income to improve 38 percent to 40 percent and net revenues to increase 24 percent to 26 percent over year-earlier figures.
The company credits improved earnings on increased activity in all trade lanes, particularly Asia to North America and North America to Europe and the Mideast; improved operational efficiencies; and increased income.
“We only make a preliminary announcement like this when it becomes apparent to us that our actual results will very significantly from the published consensus,” said Peter J. Rose, chairman and chief executive officer of Expeditors. “In this business, estimates are really estimates and as a result we don't make them.”
The company will release its full earnings on Nov. 7.