Expeditors Net Income Jumps 27%

Expeditors International of Washington Inc. raised net income 27% to $107.3 million, or 55 cents per share, as business improved for air and ocean freight management services.

Expeditors, based in Seattle, increased revenue 12% to $1.67 billion. Net revenue remaining after payment of transport costs was 14% higher at $529.5 million. The statement by the company, which ranks No. 5 on the Transport Topics Top 50 list of the largest North American logistics companies, said the West Coast port disruptions and the timing of Chinese New Year benefited the company, without giving an amount.

On a segment basis, airfreight revenue increased 9%, ocean freight climbed 21% and Customs-related revenue was 7% higher.

“We were both encouraged and, quite frankly, more than pleasantly surprised by the strength of these results,” said CEO Jeffrey Musser, who noted that March was the most profitable month in Expeditors’ history.