Expeditors International of Washington, Inc. (NASDAQ:EXPD) performed impressively in the fourth quarter of 2017, reporting better-than-expected earnings and revenues.
The company’s earnings (excluded 21 cents from non-recurring items) of 71 cents per share, surpassed the Zacks Consensus Estimate of 64 cents. Also, the bottom line increased 16.4% on a year-over-year basis. Results were aided by higher revenues.
Revenues came in at $1.9 billion outpacing the Zacks Consensus Estimate of $1.8 billion. The top line improved 16% from the year-ago figure. Growth was witnessed across all major divisions of the company. Volumes with respect to airfreight tonnage and ocean container also increased 6% and 1%, respectively.
Gross profit (net revenues) increased 15% year over year in the final quarter of 2017 to $628.81 million. Gross margin (yield) came in at 33.1% compared with 33.41% in the year-ago quarter.
In the fourth quarter, the company repurchased 2.1 million shares at an average price of $64.52 per share. This Zacks Rank #2 (Buy) company exited 2017 with cash and cash equivalents of $1.05 billion compared with $974.44 million at the end of 2016. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Expeditors International of Washington, Inc. Price, Consensus and EPS Surprise
Expeditors International of Washington, Inc. Price, Consensus and EPS Surprise | Expeditors International of Washington, Inc. Quote
Segmental Revenues
Airfreight Services revenues improved 24% year over year to $854.45 million in the fourth quarter. Ocean Freight and Ocean Services revenues also improved 3.6% year over year to $521.32 million. Customs Brokerage and Other Services revenues were up 16.8 % year over year to approximately $525.61 million.
Upcoming Releases
Investors interested in the broader Zacks Transportation industry are keenly awaiting fourth-quarter earnings reports from key players like Copa Holdings, S.A. (NYSE:CPA) , LATAM Airlines Group S.A. (NYSE:LTM) and Gol Linhas Aéreas Inteligentes S.A. (NYSE:GOL) . While Copa is scheduled to release fourth-quarter results on Feb 21, Gol Linhas and LATAM Airlines will unveil their results on Mar 7 and Mar 14, respectively.
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Gol Linhas Aereas Inteligentes S.A. (GOL): Free Stock Analysis Report
Copa Holdings, S.A. (CPA): Free Stock Analysis Report
Expeditors International of Washington, Inc. (EXPD): Free Stock Analysis Report
LATAM Airlines Group S.A. (LTM): Free Stock Analysis Report
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