Expeditors International of Washington Earnings Cheat Sheet: Third Straight Quarter of Rising Profit
S&P 500 (NYSE:SPY) component Expeditors International of Washington, Inc. (NASDAQ:EXPD) reported its results for the second quarter. Expeditors International of Washington Inc. offers global logistics services through an international network supporting the movement and strategic positioning of goods.
Expeditors International of Washington Earnings Cheat Sheet for the Second Quarter
Results: Net income for the air delivery and freight services company rose to $95 million (44 cents per share) vs. $90.3 million (42 cents per share) in the same quarter a year earlier. This marks a rise of 5.2% from the year earlier quarter.
Revenue: Rose 4.3% to $1.58 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: EXPD fell short of the mean analyst estimate of 46 cents per share. It fell short of the average revenue estimate of $1.64 billion.
Quoting Management: “We knew that the 2011 second quarter would be challenging, at least from a ‘last year’s triumph is this year’s hurdle’ perspective. Despite this ‘hurdle,’ our 2011 second quarter operating income growth shows that we executed well, particularly given all the factors currently in play,” said Peter J. Rose, Chairman and Chief Executive Officer. “We didn’t have some of the non-operating windfalls that benefited the 2010 second quarter, but these sound operating results reflect the solid execution in very dynamic ocean and airfreight markets and even in the more staid customs brokerage arena that has become our hallmark. Significantly, operating income as a percentage of net revenue remained above 32% for the fifth consec
The company has now seen net income rise in three straight quarters. In the first quarter, net income rose 49% and in the fourth quarter of the last fiscal year, the figure rose 39.6%.
Revenue has risen the past four quarters. Revenue increased 21.6% to $1.46 billion in the first quarter. The figure rose 26.9% in the fourth quarter of the last fiscal year from the year earlier and climbed 60.8% in the third quarter of the last fiscal year from the year-ago quarter.
The company fell short of estimates last quarter after beating the mark the quarter before with net income of 42 cents versus a mean estimate of net income of 37 cents per share.
Competitors to Watch: UTi Worldwide Inc. (NASDAQ:UTIW), C.H. Robinson Worldwide, Inc. (NASDAQ:CHRW), UTi Worldwide Inc. (NASDAQ:UTIW), Expeditors Intl. of Washington (NASDAQ:EXPD), Pacer International, Inc. (NASDAQ:PACR), Hub Group, Inc. (NASDAQ:HUBG), Roadrunner Transportation Services Hold. (NYSE:RRTS), Echo Global Logistics, Inc. (NASDAQ:ECHO), Vitran Corp., Inc. (NASDAQ:VTNC), FedEx (NYSE:FDX), United Parcel Service, Inc. (NYSE:UPS), and J.B. Hunt Transport Services, Inc. (NASDAQ:JBHT).
(Source: Xignite Financials)