Expeditors International of Washington Inc.
) reported first quarter 2013 adjusted earnings of 39 cents per
share at par with the Zacks Consensus Estimate. Earnings for the
quarter increased 8% from 36 cents.
Total revenue dipped 0.1% year over year to $1.41 billion,
missing of the Zacks Consensus Estimate of $1.48 billion.
Gross profit (net revenue) dropped 0.3% year over year in the
first quarter to $445.3 million. Gross margin (yield) was 31.6%,
flat year over year. Operating income rose 3% year over year to
revenue fell 2.9% year over year to $620.3 million in the first
Ocean Freight and Ocean Services
revenue increased 2.6% year over year to $445.5 million.
Customs Brokerage and Other Services
revenues inched up 1.9% year over year to $344.6 million.
Expeditors exited the quarter with operating cash flows of
$165.3 million compared with $147.4 million in the year-ago
For the long term, we believe Expeditors is poised for growth
as it plans to expand its presence and operations
internationally, as well as invest in new opportunities and
services. Nevertheless, we remain cautious about the near-term
softness in demand, particularly in airfreight. We expect lower
demand caused by macroeconomic factors and higher freight rates
charged by third party carriers to continue remaining significant
headwinds over the near term.
Expeditors, which operates with the likes of
CH Robinson Worldwide Inc.
Pacer International, Inc.
) has a Zacks Rank #4 (Sell).
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