Expeditors International of Washington Inc. Earnings: Consecutive Profit Quarter Streak Stays Intact

S&P 500 (NYSE:SPY) component Expeditors International of Washington Inc. (NASDAQ:EXPD) reported its results for the first quarter. Expeditors International of Washington offers global logistics services through an international network supporting the movement and strategic positioning of goods.

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Expeditors International of Washington Earnings Cheat Sheet for the First Quarter

Results: Net income for the transportation-services company fell to $76.7 million (36 cents per share) vs. $91.2 million (42 cents per share) a year earlier. This is a decline of 15.9% from the year-earlier quarter.

Revenue: Fell 3.4% to $1.41 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Expeditors International of Washington Inc. fell short of the mean analyst estimate of 37 cents per share. It beat the average revenue estimate of $1.38 billion.

Quoting Management: “Today’s announcement of our first quarter 2012 results could be viewed by some as anti-climactic given our earlier guidance,” said Peter J. Rose, Chairman and Chief Executive Officer. “Our public comments on the state of the global economy these past six months foreshadowed the possibility that some volume weakness could develop in 2012 as compared with 2011.”

Key Stats:

The company’s net income has fallen for two quarters in a row. In the fourth quarter of the last fiscal year, net income fell 3.8% from the year-earlier quarter.

Revenue has fallen for the past three quarters. In the fourth quarter of the last fiscal year, revenue declined 5.1% to $1.5 billion while the figure fell 3.7% in the third quarter of the last fiscal year from the year earlier.

For two quarters in a row, the company has come in under analyst estimates. In the fourth quarter of the last fiscal year, it missed expectations by 4 cents with net income of 43 cents versus a mean estimate of net income of 47 cents per share.

Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the second quarter has moved down from 48 cents a share to 46 cents over the last thirty days. For the fiscal year, the average estimate has moved down from $2.02 a share to $1.90 over the last ninety days.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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