Expeditors International Reports Lower 4Q Profit

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Logistics firm Expeditors International of Washington on Tuesday said its fourth-quarter profits fell to $62.6 million or 28 cents a share, down from $74.3 million or 34 cents a year ago.Separately, the company’s president and chief operating officer, Glenn Alger, said he plants to retire this year. No date has been set and no other personnel or organizational changes have been determined, the company said.For the year, Expeditors earned $235.1 million, up from $190.4 million in 2005.Net revenue for the fourth quarter increased 13% to $333.8 million. For the year, net revenue rose 21% to $1.3 billion.Total revenue in the fourth quarter rose to $1.2 billion from $1.1 billion in 2005. For the year, total revenue increased 19% to $4.6 billion.Quarterly operating income rose to $99.7 million from $84.4 million, the company said in a statement. For the year, operating income increased to $375.1 million from $271.1 million.Seattle-based Expeditors International of Washington ranks No. 18 on the Transport Topics Logistics 50 listing of North American logistics companies.