Expeditors International of Washington said it had a profit of $92.4 million in the third quarter of 2013, 4-percent more than the $88.5 million earned in the same 2012 period.
Total revenues of around $1.5 billion for the third quarter were about the same as in the same 2012 period, up less than 1 percent. Net revenues were up 4 percent to $482 million.
“Despite ongoing pricing volatility in the ocean markets and an air peak season that didn’t commence in September as anticipated, we executed well in our 2013 third quarter,” said Peter Rose, chairman and chief executive officer. “Our operating margin remained above our efficiency target point of 30 percent and our year-over-year growth in ocean and air volumes, 9 percent in ocean container volumes and 3 percent in air tonnage, is similar to the trends we’ve experienced over the past several quarters. We definitely view the growth as a continuing positive development.”
Expeditors reports 4% increase in profits
