Expeditors International of Washington Inc. (NASDAQ:EXPD) delivered a profit and missed Wall Street’s expectations, BUT beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are down 1.70%.
Expeditors International of Washington Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 8.33% to $0.39 in the quarter versus EPS of $0.36 in the year-earlier quarter.
Revenue: Decreased 0.06% to $1.41 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Expeditors International of Washington Inc. reported adjusted EPS income of $0.39 per share. By that measure, the company missed the mean analyst estimate of $0.4. It beat the average revenue estimate of $1.41 billion.
Quoting Management: “There is a certain stability in these quarterly results that may not be as apparent on the surface as they were re-assuring to us here,” said Peter J. Rose, Chairman and Chief Executive Officer. “We had a strong finish in March and after having swum in deep waters for so long, it’s somewhat invigorating to feel that your feet might actually be touching ground. We still have a ways to go, but despite the continued and well-publicized slide in global PC shipments, historically a large part of our tech business, our 2013 first quarter year-over-year airfreight tonnages were actually up, albeit marginally. This was the second consecutive quarter we’ve had year-over-year airfreight tonnage increases. While pricing was still somewhat volatile, it was great to see some sustained traction in year-over-year airfreight tonnage growth,” Rose went on to say.
Key Stats (on next page)…