Expeditors International of Washington reported strong earnings in the third quarter, with profits jumping 12% year-over-year, easily beating the consensus forecast of analysts.
The third-party logistics provider earned $120.2 million in profits, or 66 cents per share. The Bloomberg News forecast called for $112.8 million, or 63 cents. One year ago, the numbers were $107.6 million, or 59 cents.
Gross revenue jumped 15% to $1.8 billion, and after transportation costs were removed, revenue was up 10% to $599.1 million.
“This quarter represents the culmination of the efforts from our staff over the last few quarters,” Expeditors CEO Jeffrey Musser said. “While our current focus has shifted somewhat from volume growth — due to the margin impacts that can occur — we continued to record strong performance in all of our services, winning new business and growing volumes with existing customers. We think the numbers speak for themselves with regards to the quality of volume growth that we are experiencing.”
Within Expeditors, airfreight revenue increased 18% to $735.2 million, ocean freight grew 14% to $563.4 million and customs brokerage rose 13% to $503.6 million.
In the United States, net revenue improved 12% to $257 million.
Expeditors, which ranks No. 6 on the Transport Topics Top 50 list of the largest logistics companies in North America, also operates in Latin America, Asia, Europe, Africa and the Middle East.