Expeditors Raises Earnings 19% as Shipments, Margins Grow
Expeditors International of Washington Inc. raised fourth-quarter net income 19% to $99.4 million, or 51 cents per share, as ocean and air freight shipments, and profit margins improved.
Net income was $83.5 million, or 41 cents per share, in the year-earlier quarter. Revenue rose 9% to $1.77 billion, and net revenue, the amount left after transport costs are paid, also rose 9% to $518.9 million.
The results included a jump of 19% in airfreight measured in kilograms during December. Ocean freight rose at least 10% in October and November at the company that ranks No. 5 on the Transport Topics Top 50 list of largest logistics companies in North America.
“Double-digit growth in both air and ocean freight net revenue has provided us with some positive reinforcement,” CEO Jeffrey Musser said in a statement. “This is particularly true in light of a global economy that struggles to gain traction. We feel good about moving into 2015 with the momentum we have created in the past several quarters.”
