Expeditors International of Washington Inc.'s (EXPD)
fourth-quarter profit rose 40% on higher volume in the U.S. and
Asia amid a rebound in the shipping sector.
The freight forwarder has seen earnings climb on higher revenue
in recent quarters, benefiting from a recovery in global trade.
Companies in all corners of the shipping industry have benefited
from improved freight volume.
Expeditors posted a profit of $96.5 million, or 45 cents a
share, up from $69.1 million, or 32 cents a share, a year earlier.
Revenue rose 27% to $1.58 billion.
Analysts polled by Thomson Reuters forecast a per-share profit
of 45 cents on $1.7 billion in revenue.
The airfreight services business, the largest by revenue, saw
that measure rise 24%. Ocean freight and services revenue jumped
38%.
Same-store net sales rose 23% and operating income increased
35%.
Revenue in the Asia Pacific region, Expeditors' largest
geographic segment, increased 27% as U.S. revenue rose 33%.
In early trading Tuesday, shares of Expeditors fell 3.7% to
$52.80. The stock is up 59% over the past 12 months.
-By Drew FitzGerald and Matt Jarzemsky, Dow Jones Newswires;
212-416-2240; matthew.jarzemsky@dowjones.com