Logistics provider Expeditors International of Washington Inc. said its profit declined slightly in the fourth quarter of 2013 but increased in the full year.
Fourth-quarter profit attributable to shareholders fell to $83.5 million, or 41 cents a share, from $84.2 million, or 41 cents, a year prior.
Revenue grew to $1.6 billion from $1.5 billion in the previous year’s quarter.
“Our 2013 fourth quarter showed steady growth in airfreight and ocean freight services, both in revenue and in volumes,” Chairman and CEO Peter Rose said in a Feb. 25 statement. “Airfreight volumes rose 5%, while ocean freight volumes were up nearly 16% as compared with the fourth quarter 2012.”
Pricing was weak and somewhat volatile in ocean freight, reflecting overcapacity concerns among ocean carriers that spilled over slightly into other modes, Rose said.
For all of 2013, profit grew 5% to $348.5 million, or $1.69 a share, compared with $333.4 million, or $1.58 a share, in 2012. Revenue grew to $6.08 million from $5.99 million.
Expeditors International of Washington is ranked No. 14 on the Transport Topics Logistics 50 listing of North American logistics companies.
