Logistics firm Expeditors International of Washington said Tuesday its third-quarter profit declined from a year ago on a “convergence of industry challenges.”
Net income decreased to $88.7 million, or 42 cents a share, from $106.9 million, or 50 cents, a year ago.
Revenue slipped 5% to $1.53 billion. Year-over-year air freight volume declined 19% and ocean freight volume fell 3%.
“Financially struggling air and ocean carriers, airfreight markets adapting to smaller, lighter, more powerful smart phones and mobile tablets versus heavier PCs, lackluster consumer and business demand and global economic uncertainty have all combined to create a very uniquely challenging business environment,” CEO Peter Rose said in a statement.
Seattle-based Expeditors International of Washington is ranked No. 14 on the Transport Topics Logistics 50 listing of North American logistics companies.