Expeditors International Of Washington Sees Material Adverse Impact From Cyber-attack

(RTTNews) - Expeditors International of Washington, Inc. (EXPD) said it expects that the impact of the prior shutdown and the ongoing impacts of the cyber-attack will have a material adverse impact on its business, revenues, expenses, results of operations, cash flows and reputation. Currently, the company is unable to estimate when it will resume full operations.

Expeditors noted that it is incurring significant expenses to incorporate business continuity systems and to investigate, remediate and recover from the cyber-attack. The company expects to continue to incur higher cybersecurity expenses in the future.

On February 20, 2022, Expeditors determined that it was the target of a cyber-attack. The company said its workforce is now handling shipments and providing services across most products.