expeditors2

PRESS RELEASE 

May 05, 2020. SEATTLE–(BUSINESS WIRE)— Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced first quarter 2020 financial results including the following highlights compared to the same quarter of 2019:

– Diluted Net Earnings Attributable to Shareholders per share (EPS1) decreased 11% to $0.71

– Net Earnings Attributable to Shareholders decreased 12% to $122 million

– Operating Income decreased 15% to $159 million

–Revenues decreased 6% to $1.9 billion

– Airfreight tonnage volume decreased 7% and ocean container volume decreased 10%

“I offer my heartfelt appreciation to everyone throughout our organization for their tremendous efforts during the challenging conditions brought about as a result of the COVID-19 pandemic,” said Jeffrey S. Musser, President and Chief Executive Officer. “As befits our legacy and the culture of our organization, we put the health, safety, and welfare of our employees and their families ahead of all other concerns. In doing so, we were able to shift much of our staff to a virtual environment while still providing essential supply chain services to our customers. Achieving this during a time of such unparalleled crisis is impressive and I offer my sincerest thank you to our entire staff.”

Mr. Musser continued, “Our Q1 performance was better than we might have expected, given the contraction in demand across geographies, as well as the severity and suddenness of the collapse in air carrier belly space and reduction in containership sailings. While there is talk of various markets starting to come back on line, the impact of COVID-19 continues to have an enormous impact on the global economic environment, to both supply and demand, as well as to buy/sell rates. While we remain fully staffed and ready for when economies across the world start to regain their post-crisis footing, we do not know when, how quickly, or how uniformly that will take place. Until then, we remain steadfast in our commitment to our valued customers, our carrier partners, and to all of our dedicated employees around the world.”

To read the full release, please click here.

You may also want to read this: “Expeditors EPS beats by $0.09, beats on revenue” (Seeking Alpha)

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