Expeditors’ 3Q Profit Rises 4%

Expeditors International of Washington’s third-quarter profit rose 4% from a year ago despite “volatility” in ocean and air markets, the company said.

Net income rose to $92.4 million, or 45 cents a share, from $88.5 million, or 42 cents, a year ago.

Revenue rose slightly to $1.54 billion, the Seattle-based logistics firm said Nov. 5. Operating income rose to $143.6 million from $145 million.

“While the much awaited airfreight peak season . . . did not materialize in September, some of that anticipated volume, evidenced by backlogs in key export markets, particularly in Asia, seems to have manifested itself in October,” Chairman and CEO Peter Rose said in a statement.

The company announced last month that Rose, who founded Expeditors in 1981 and became CEO seven years later, will retire in March.

Expeditors International of Washington is ranked No. 14 on the Transport Topics Logistics 50 listing of North American logistics companies.