Expeditors International of Washington (NASDAQ:EXPD) fourth-quarter 2019 earnings of 81 cents per share edged past the Zacks Consensus Estimate by a penny. However, the bottom line decreased 20.6% on a year-over-year basis.
How Was the Estimate Revision Trend?
Investors should note that the earnings estimate revisions for Expeditors depicted a gloomy picture prior to the fourth-quarter 2019 earnings release. The Zacks Consensus Estimate for fourth-quarter earnings declined 15.8% over the past 60 days.
Prior to the fourth-quarter earnings release, the company delivered positive surprises in three of the trailing four quarters. The company delivered lower-than- expected earnings per share in the other quarter.
Revenues Lower Than Expected
Expeditors recorded operating revenues of $2.04 billion, which not only missed the Zacks Consensus Estimate of $2.19 billion but also declined 9% year over year.
Key Stats to Note: Volumes with respect to airfreight tonnage and ocean container contracted 6% and 13%, respectively, year over year. In the fourth quarter, the company repurchased 1.2 million shares at an average price of $73.89 per share.
Zacks Rank: Currently, Expeditors carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Check back later for our full write up on this Expeditors earnings report later!
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Expeditors International of Washington, Inc. (EXPD): Free Stock Analysis Report
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