Expeditors Net Profit Soars 66 Percent

Strong demand that led to a record operating margin pushed Expeditors International of Washington to a $96.1 million net profit in the third quarter, 66 percent better than the same quarter a year ago.

Overall revenue soared 61 percent to $1.67 billion, and net revenue jumped 32 percent even as the freight forwarder tried to keep pace with sharply rising transportation prices. Expeditors said net revenue — the revenue the company keeps after direct transportation costs — grew 48 percent for air freight business and 32 percent in ocean forwarding.

That gave Expeditors a $159.6 million operating profit that was 66 percent better than the third quarter last year and 6 percent beyond what the Seattle-based forwarder reported in the second quarter.

Expeditors Chairman, President and CEO Peter J. Rose said the company had held onto market share gains it made during the downturn.

“Sometimes even the word ‘Wow!’ would be a classical understatement,” Rose said in a statement. “After last year, we had hoped 2010 would be a stronger year, but (it) … is way beyond anything we would have dared to predict 12 months ago.”
(Source:www.joc.com)