Expeditors Reports First Quarter 2021 EPS of $1.67
Expeditors International of Washington reported a strong first quarter of 2021, with diluted EPS increasing 135% to $1.67 and net earnings rising 135% to $287 million. Operating income surged 142% to $386 million, while revenues climbed 77% to $3.4 billion. Airfreight and ocean container volumes both rose 29%. CEO Jeffrey S. Musser noted challenges in securing capacity amid high demand and market volatility, but expressed confidence in the company’s ability to navigate disruptions.
- EPS increased by 135% to $1.67.
- Net earnings up 135% to $287 million.
- Operating income rose 142% to $386 million.
- Revenues grew by 77% to $3.4 billion.
- Airfreight and ocean container volumes both increased by 29%.
- Increased volatility in freight rates due to supply/demand imbalance.
- Ongoing disruptions such as port congestion and rising fuel costs affecting logistics.
Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced first quarter 2021 financial results including the following highlights compared to the same quarter of 2020:
-
Diluted Net Earnings Attributable to Shareholders per share (EPS1) increased
135% to$1.67 -
Net Earnings Attributable to Shareholders increased
135% to$287 million -
Operating Income increased
142% to$386 million -
Revenues increased
77% to$3.4 billion -
Airfreight tonnage volume and ocean container volume both increased
29%
“Never before in our experience has capacity been so scarce in both air and ocean at the same time,” said Jeffrey S. Musser, President and Chief Executive Officer. “As a result, shippers face unprecedented challenges with their supply chains and we are doing everything we can to leverage the strength of our carrier relationships in order to secure space for our customers. During these times, the strength of our flexible, non-asset-based operating model is on display. All products performed very well and we set all-time highs in revenues, operating income and net earnings. We experienced strong growth in airfreight tonnage and ocean containers shipped during the quarter, serviced established customers and on-boarded new business when possible.
“The severity of the ongoing supply/demand imbalance has kept buy and sell rates elevated and volatile, in both the air and ocean markets. Ongoing shortages in international air capacity led to elevated pricing, port congestion, and lack of equipment, which, coupled with a rapid spike in demand, created ocean trade disruptions and significant backlogs. These conditions leave shippers with limited options for getting their products to market. This is one example of the power of our long history of support for our carrier partners during both good times and bad. Amidst persistent disruptions and supply chain realignments, we have remained highly focused and aware of marketplace shifts, while working our strong relationships and executing as efficiently as we ever have to secure precious capacity on behalf of our customers.
“We expect the operating environment to remain unsettled as long as constrained capacity and other disruptions, such as port congestion, the uneven lifting of pandemic-restrictions, and rising fuel costs continue to impact the movement of freight. History tells us that the supply/demand imbalance and rate volatility will stabilize over time. However, if the global response to COVID-19 has taught us anything, it is that conditions can change rapidly in today’s interconnected marketplace. A year ago, it was nearly impossible to imagine the impact of what then lay before us, as economies around the world were shutting down and people were going into isolation to protect themselves from a deadly new virus. As we implemented our business continuity plans around the globe, we also made the decision to invest in our people and not lay off any of our employees. A year later, we are proud of and grateful to our entire workforce for their extraordinary dedication and determined effort to stay safe while delivering the highest level of customer service.”
Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, “Despite comparisons to a relatively soft first quarter a year ago, when the initial disruptions from COVID-19 led to lower volumes in all products, performance during this latest quarter was strong all across the Company, including Air, Ocean, Customs Brokerage, Order Management, Transcon and Distribution. The majority of our workforce continues to work from remote locations, even as we slowly and cautiously explore re-opening our offices for return-to-work in certain countries and locations. While staying safe remains our top priority, we have continued to enhance our productivity and generated the best operating efficiency in the Company’s history. I would continue to caution that we are unable to predict how ongoing disruptions will affect our future operations or financial results going forward, and that we do not expect the current unprecedented operating conditions to persist long-term. We will continue to make important investments in people, processes, and technology, as well as to invest in our strategic efforts to explore new areas for profitable growth.”
Expeditors is a global logistics company headquartered in Seattle, Washington. The Company employs trained professionals in 176 district offices and numerous branch locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing and distribution and customized logistics solutions.
Expeditors International of Washington, Inc. First Quarter 2021 Earnings Release, May 4, 2021 Financial Highlights for the three months ended March 31, 2021 and 2020 (Unaudited) (in 000's of US dollars except per share data) |
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|
|
Three months ended March 31, |
|
||||||||||
|
|
2021 |
|
|
2020 |
|
|
% Change |
|
||||
Revenues |
|
$ |
3,357,540 |
|
|
$ |
1,901,864 |
|
|
77 |
% |
|
|
Directly related cost of transportation and other expenses1 |
|
$ |
2,406,004 |
|
|
$ |
1,286,728 |
|
|
87 |
% |
|
|
Salaries and other operating expenses2 |
|
$ |
566,021 |
|
|
$ |
456,081 |
|
|
24 |
% |
|
|
Operating income |
|
$ |
385,515 |
|
|
$ |
159,055 |
|
|
142 |
% |
|
|
Net earnings attributable to shareholders |
|
$ |
287,220 |
|
|
$ |
122,344 |
|
|
135 |
% |
|
|
Diluted earnings attributable to shareholders per share |
|
$ |
1.67 |
|
|
$ |
0.71 |
|
|
135 |
% |
|
|
Basic earnings attributable to shareholders per share |
|
$ |
1.70 |
|
|
$ |
0.73 |
|
|
133 |
% |
|
|
Diluted weighted average shares outstanding |
|
|
171,551 |
|
|
|
171,450 |
|
|
|
|
|
|
Basic weighted average shares outstanding |
|
|
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FAQ
What were Expeditors International's Q1 2021 financial results?
In Q1 2021, Expeditors reported EPS of $1.67, net earnings of $287 million, and revenues of $3.4 billion.
How much did Expeditors' revenues increase in Q1 2021?
Revenues increased by 77% to $3.4 billion in Q1 2021 compared to the same quarter in 2020.
What challenges did Expeditors International face in Q1 2021?
The company faced challenges in capacity availability due to high demand, port congestion, and rising fuel costs.
What is the stock symbol for Expeditors International?
The stock symbol for Expeditors International is EXPD.
Expeditors International of Washington, Inc.
NYSE:EXPDEXPD RankingsEXPD Latest NewsEXPD Stock Data
17.06B
138.86M
0.77%
95.19%
2.65%
Integrated Freight & Logistics
Arrangement of Transportation of Freight & Cargo
United States of America
BELLEVUE
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