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Expeditors International said the ongoing trade disputes and the global economy nicked its profits and revenues in the third quarter of 2019, but the company did well in negotiating prices to make up for the downturn.
Net income fell 2% to $160 million, from $162.7 million in the third quarter of 2018.
Earnings per share were unchanged from a year before, at 92 cents.
Revenues decreased 1% to $2.07 billion, from $2.09 billion in the comparable quarter.
“The third quarter presented challenges that were not unexpected in terms of growth in the global economy and ongoing trade disputes that extend well beyond just the United States and China,” said Jeffrey Musser, Expeditors president and CEO. “We saw volumes drop in our air and ocean products but believe this was consistent with the overall market. In addition to volume changes, we also believe the market experienced corresponding changes in buy-sell rates, and we were adept at negotiating in the changing pricing environment.”
Musser said the trade environment has created an increased need for customs brokerage, and the Seattle, Wash.-based company rose to meet the needs of a changing trade landscape.
“We again demonstrated strong performance in our customs brokerage, ocean forwarding, and order management businesses during the quarter,” said Bradley Powell, Expeditors chief financial officer.
Expeditors has 176 district offices and branch locations located on six continents. The company provides consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing and distribution and customized logistics solutions.
Expeditors ranks No. 7 on the Transport Topics Top 50 list of the largest logistics companies in North America.
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