Expeditors Q3 EPS $1.16 (-54% YoY), revenue down 50% on soft demand and rates

EXPEDITORS INTERNATIONAL OF WASHINGTON INC

2023-Q3 EPS reported $3.92 revenue$7,022,342,000

Diluted EPS of $1.16, down 54% from $2.52 in Q3 2022; net earnings $171M (-59%).
Revenue fell 50% to $2.2B; operating income $216M (-59%).
Airfreight tonnage volume -14% YoY; ocean container volume -15% YoY.
CEO cites 'great unwinding' of pandemic-driven demand; rates remain soft with capacity exceeding demand.
Company managing headcount and costs amid uncertain economic and geopolitical outlook.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

EXPEDITORS INTERNATIONAL OF WASHINGTON INC reported third quarter 2023 results: revenue $2.2 billion, net income $171 million, EPS $1.16.

Period: third quarter 2023
Revenue: $2.2 billion
Net income: $171 million
EPS: $1.16
Result: reported results

Exact text from the filing

Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced third quarter 2023 financial results including the following comparisons to the same quarter of 2022: • Diluted Net Earnings Attributable to Shareholders per share (EPS 1 ) decreased 54% to $1.16 • Net Earnings Attributable to Shareholders decreased 59% to $171 million • Operating Income decreased 59% to $216 million • Revenues decreased 50% to $2.2 billion

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EXPEDITORS INTERNATIONAL OF WASHINGTON INC filing history →

Source: SEC EDGAR

accession 0000950170-23-059900

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