Expeditors Intl sees Q2 revenue rise 17pc

EXPEDITORS International of Washington (EXPD) registered second quarter gross revenue growth of 67 per cent and increased net sales by 27 per cent.

Year-to-date net revenue and operating earnings were 17 per cent and 34 higher than in the same period a year earlier, reported the Morning Star, on the back of larger air and ocean freight volumes.

It said that air freight tonnage rose by 54 per cent and container volumes by 26 per cent compared to the second quarter of 2009.

Second quarter gross sales increased faster than net sales, "suggesting yield was compromised somewhat, but this isn't too surprising, given the rapid increase in shipping rates this year," the report said.

The company's operating expenses were 67 per cent of net revenue, versus 74 per cent in the prior-year period.
(Source:www.schednet.com)