Expeditors International of Washington Inc. (NASDAQ:EXPD) performed impressively in the third quarter of 2017, reporting better-than-expected earnings and revenues. The company’s earnings of 66 cents per share beat the Zacks Consensus Estimate of 60 cents. Earnings increased 12% on a year-over-year basis. Results were helped by higher revenues.
Revenues came in at $1,802.17 million, also beating the Zacks Consensus Estimate of $1,728.88 million. Revenues increased 15% from the year-ago figure. Growth was witnessed across all major divisions of the company. Volumes with respect to airfreight tonnage and ocean container increased 12% and 4%, respectively, in the reported quarter. The strong earnings report pleased investors. Consequently, shares of the company were up in early trading.
Gross profit (net revenue) increased 10% year over year in the third quarter to $599.14 million. Gross margin (yield) came in at 33.25% in the reported quarter. The comparable figure was 34.89% in the year-ago quarter.
During the third quarter, the company repurchased 3.6 million shares at an average price of $56.18 per share. This Zacks Rank #3 (Hold) company exited the quarter with cash and cash equivalents of $1.03 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.
Segmental Revenues
Airfreight Services revenues increased 18.3% year over year to $735.16 million in the third quarter. Ocean Freight and Ocean Services revenues increased 13.7% year over year to $563.39 million. Customs Brokerage and Other Services revenues increased 13.1 % year over year to approximately $503.62 million.
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
Upcoming Releases
Investors interested in the broader Transportation sector are keenly awaiting third-quarter earnings reports from key players like GOL Linhas (NYSE:GOL) , Copa Holdings (NYSE:CPA) and LATAM Airlines Group S.A. (NYSE:LTM) . While Copa and GOL are scheduled to release their third-quarter results on Nov 8, LATAM Airlines will unveil its results on Nov 15.
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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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Zacks Investment Research