Expeditors says freight volumes back to pre-pandemic; excess capacity persists

EXPEDITORS INTERNATIONAL OF WASHINGTON INC

Freight volumes have returned to pre-pandemic levels; company managing headcount thoughtfully over two consecutive quarters.
Excess capacity in ocean and air likely to continue; ocean carriers' capacity management insufficient; air market impacted by added passenger flights.
Shippers destocking with cautious demand; carrier capacity plentiful, providing flexibility.
First priority is investing in growth; committed to returning capital via dividends and share repurchases.
No financial guidance provided; outlook based on current market conditions and cautious demand.

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