Expeditors Issues Earnings Guidance
20 April 2012 - 2:01AM
Business Wire
Expeditors International of Washington, Inc. (NASDAQ:EXPD)
announced today that preliminary results indicate its first quarter
2012 net earnings attributable to shareholders are expected to fall
in the range of $.35 - $.37 per share.1, 2 Analysts’ estimates for
the 2012 first quarter range from $.40 to $.45 per share, with a
consensus of $.43.2
“The Company has been very cautionary in its past two earnings
releases about the fragility of the global economy and its
potential impacts on future results,” said Peter J. Rose, Chairman
and Chief Executive Officer. We’ve been saying for over six months
now that things in the global economy just didn’t seem to us to be
as encouraging as a lot of the pundits were projecting. Our
preliminary data seems to reveal a trend where existing customers,
particularly airfreight customers, are shipping at lower volumes
than we experienced during the 2011 first quarter. From our own
perspective, as we proceed forward in 2012, we need to be even more
aggressive in cost containment and more focused on both expanding
our customer base and further extending our business reach with
existing customers,” Rose concluded.
Expeditors is a global logistics company headquartered in
Seattle, Washington. The company employs trained professionals in
186 full-service offices and 63 satellite locations located on six
continents linked into a seamless worldwide network through an
integrated information management system. Services include air and
ocean freight forwarding, vendor consolidation, customs clearance,
marine insurance, distribution and other value added international
logistics services.
Expeditors is scheduled to release its first quarter 2012
results on May 2, 2012, after the market opens.
____________________________
1 Diluted earnings attributable to shareholders per share.
2 Inclusive of the €4.14 million ($5.5 million) fine recently
levied by the European Commission (EC), as previously announced on
March 29, 2012.
Disclaimer on Forward-Looking
Statements:
Certain portions of this release contain forward-looking
statements which are based on certain assumptions, including
finalization of our accounts, and expectations of future events
that are subject to risks and uncertainties, including comments on
future ability to contain operating costs, expand our customer base
and retain existing customers. Actual future results and trends may
differ materially from historical results or those projected in any
forward-looking statements depending on a variety of factors,
including, but not limited to, our ability to maintain consistent
and stable operating results, future success of our business model,
ability to perpetuate profits, changes in customer demand for
Expeditors’ services caused by a general economic slow-down,
customers’ inventory build-up, decreased consumer confidence,
volatility in equity markets, energy prices, political changes,
regulatory actions or changes or the unpredictable acts of
competitors and other risks, risk factors and uncertainties
detailed in our Annual Report filed with the Securities and
Exchange Commission.
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