Logistics firm Expeditors International of Washington said its first-quarter profit declined from a year ago as air freight volumes fell.
Net income decreased to $76.7 million, or 36 cents a share, from $91.2 million, or 42 cents, a year ago.
Revenue slipped 3% from a year ago to $1.41 billion, the company said in a statement late Wednesday.
Year-over-year air freight volume declined 9%, while ocean freight volume gained 1%.
“Our largest customers are being very cautious about the amount of airfreight they are using this year,” CEO Peter Rose said in a statement.
The quarter included a $5.5 million fine levied by the European Commission in March in connection with air freight price-fixing charges, which Expeditors denied.
“As we said then, we did not enter into any agreement that affected customer pricing in any way,” Rose said.