Expeditors International Of Washington Q3 Profit Falls On Deceleration In Demand

(RTTNews) - Expeditors International of Washington, Inc. (EXPD) Tuesday reported a 59 percent decline in third-quarter earnings, while revenues fell by 50 percent from the previous year. The company attributed the deceleration in demand to the decline in results.

The quarterly earnings were $171.35 million, down 59 percent from $414.21 million in the prior year. On a per-share basis, earnings were $1.16, down 55 percent from $2.56 per share last year.

On average, 15 analysts polled by Thomson Reuters expected the company to earn $1.28 per share, Analysts estimates usually exclude special items.

Revenue for the quarter plummeted to $2.190 billion from $4.362 billion last year. Wall Street was looking for revenue of $2.3 billion.

Jeffrey Musser, CEO of the company said, "As expected, the deceleration in demand that we have seen since the second half of 2022 continued in the comparable third quarter of 2023. Additionally, rates generally remained soft while capacity exceeded demand in most lanes."

Currently, shares are at $102.00, down 8.51 percent from the previous close of $112.95 on a volume of 1,475,169.