Expeditors International of Washington, Inc. (NASDAQ:EXPD) performed impressively in the first quarter of 2018, reporting better-than-expected earnings and revenues.
The company’s earnings of 76 cents per share, surpassed the Zacks Consensus Estimate of 64 cents. Also, the bottom line increased more than 45% on a year-over-year basis. Results were aided by higher revenues.
Revenues came in at $1,854.3 million outpacing the Zacks Consensus Estimate of $1,702.4 million. The top line improved 20% from the year-ago figure. The earnings report pleased investors. Consequently, the stock gained in early trading.
Growth was witnessed across all major divisions of the company. Volumes with respect to airfreight tonnage and ocean container both increased 5% on a year-over-year basis.
Gross profit (net revenues) increased 21% year over year in the first quarter of 2018 to $635.84 million. Gross margin (yield) came in at 34.3% compared with 34.14% in the year-ago quarter.
In the first quarter, the company repurchased 2.7 million shares at an average price of $64.76 per share. This Zacks Rank #2 (Buy) company exited the quarter with cash and cash equivalents of $1.13 billion compared with $1.05 billion at the end of 2017. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Segmental Revenues
Airfreight Services revenues improved 18.8% year over year to $731.23 million in the first quarter. Ocean Freight and Ocean Services revenues increased 5.5% year over year to $520.88 million. Customs Brokerage and Other Services revenues increased 38.2 % year over year to approximately $602.16 million.
Upcoming Releases
Investors interested in the broader Zacks Transportation industry are keenly awaiting first-quarter earnings reports from key players like Copa Holdings, S.A. (NYSE:CPA) , Gol Linhas Aéreas Inteligentes S.A. (NYSE:GOL) and Eagle Bulk Shipping Inc. (NASDAQ:EGLE) . All three companies will unveil their results on May 9.
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Gol Linhas Aereas Inteligentes S.A. (GOL): Free Stock Analysis Report
Copa Holdings, S.A. (CPA): Free Stock Analysis Report
Eagle Bulk Shipping Inc. (EGLE): Free Stock Analysis Report
Expeditors International of Washington, Inc. (EXPD): Free Stock Analysis Report
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Zacks Investment Research