EXPEDITORS POSTS 10% EARNINGS INCREASE
Expeditors International of Washington Inc., the global logistics services provider, said its second-quarter net earnings improved 10 percent to $23.7 million
Net revenues improved 6 percent to $156.1 million on revenues of $535.8 million, up 20 percent. Operating income rose 12 percent to $36.1 million.
'This quarter was not easy,' said Peter J. Rose, chairman and chief executive officer of Seattle-based Expeditors. 'While our volumes and total revenues were up significantly, market pressures resulted in unprecedented quarterly air-freight yield declines which restrained net revenue growth.'
Per-share earnings of 22 cents per share were in line with analysts' expectations. Expeditors' shares underwent a two-for-one split in June.
All of Expeditors' business units saw improved revenues in the second quarter. Air freight jumped 24.5 percent to $279.0 million; ocean freight and ocean services rose 18.8 percent to $170.1 million, and customs brokerage and import services increased 10.8 percent to $86.6 million.
For the first six months of 2000, Expeditors net earnings improved 7 percent to $45.9 million. Net revenues rose 3 percent to $302.9 million, Total revenues were $985.3 million and operating income was $68.7 million, both were 9-percent improvements over the year-earlier period.