Expeditors Reports Third Quarter 2024 EPS of $1.63
-
Diluted Net Earnings Attributable to Shareholders per share (EPS1) increased
41% to$1.63 -
Net Earnings Attributable to Shareholders increased
34% to$230 million -
Operating Income increased
40% to$302 million -
Revenues increased
37% to$3.0 billion -
Airfreight tonnage increased
19% and ocean container volume increased12%
1Diluted earnings attributable to shareholders per share. |
NOTE: See Disclaimer on Forward-Looking Statements in this release. |
“We have worked hard over this past year to gain additional volumes and grow our business by winning new customers and gaining additional business with current customers,” said Jeffrey S. Musser, President and Chief Executive Officer. “These positive third-quarter results reflect those efforts in securing higher tonnage and volumes, which were further boosted as some shippers pulled freight forward out of concern over port actions and geopolitical disruptions, and in advance of fourth quarter holiday sales. Geopolitical events continued to impact pricing and the flow of freight during the quarter. Ocean transit times remained extended because carriers avoided the Red Sea and were further disrupted by prior concerns over potential port strikes. Air capacity is too scarce and costly to serve as a viable widespread alternative for most shippers.
“Strong growth in air tonnage and ocean volumes had a positive impact on all areas of our business during the quarter. Air tonnage and rates increased across all regions. Direct e-commerce continued to absorb available air freight capacity and boost rates on
“We would again caution that our ability to see much beyond our day-to-day levels of activity remains challenging. We believe that ocean rates may decline if demand softens and capacity increases, particularly if commerce on the Red Sea returns to normal. We also believe that global freight markets and pricing are likely to remain volatile for some time. Unpredictable events seem to occur with such increased regularity as to make us wonder if disruption is the new state of normal. Regardless, we remain focused on servicing our current customers and gaining market share, while keeping costs in check.”
Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, “We handled increased volumes and tonnage in the third quarter and executed well throughout our network, while keeping headcount flat and controlling operating expenses. Our measure of operating efficiency (operating income as a percentage of revenue less directly related cost of transportation and other expenses) is now back to our
Mr. Powell noted that the Company repurchased
Expeditors is a global logistics company headquartered in
Disclaimer on Forward-Looking Statements:
Certain statements contained in this news release are “forward-looking statements,” based on management’s views with respect to future events and underlying assumptions that involve risks and uncertainties. These forward-looking statements include statements regarding inflation; continued growth in air and ocean carrier capacity and the impact on rates; unpredictability in the ocean and air markets, including uncertainty due to conflicts in the
Expeditors International of Washington, Inc. |
||||||||||||||||||||||
Third Quarter 2024 Earnings Release, November 5, 2024 |
||||||||||||||||||||||
Financial Summary for the three months ended September 30, 2024 and 2023 (Unaudited) |
||||||||||||||||||||||
(in 000's of US dollars except share data) |
||||||||||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
2024 |
|
|
2023 |
|
|
% Change |
||||||
Revenues |
|
$ |
3,000,131 |
|
|
$ |
2,190,001 |
|
|
37 |
% |
|
$ |
7,645,810 |
|
|
$ |
7,022,342 |
|
|
9 |
% |
Directly related cost of transportation and other expenses 1 |
|
$ |
2,093,964 |
|
|
$ |
1,402,111 |
|
|
49 |
% |
|
$ |
5,166,652 |
|
|
$ |
4,540,396 |
|
|
14 |
% |
Salaries and other operating expenses 2 |
|
$ |
604,643 |
|
|
$ |
571,821 |
|
|
6 |
% |
|
$ |
1,738,939 |
|
|
$ |
1,741,411 |
|
|
(0 |
)% |
Operating income |
|
$ |
301,524 |
|
|
$ |
216,069 |
|
|
40 |
% |
|
$ |
740,219 |
|
|
$ |
740,535 |
|
|
(0 |
)% |
Net earnings attributable to shareholders |
|
$ |
229,574 |
|
|
$ |
171,353 |
|
|
34 |
% |
|
$ |
574,195 |
|
|
$ |
594,164 |
|
|
(3 |
)% |
Diluted earnings attributable to shareholders per share |
|
$ |
1.63 |
|
|
$ |
1.16 |
|
|
41 |
% |
|
$ |
4.04 |
|
|
$ |
3.92 |
|
|
3 |
% |
Basic earnings attributable to shareholders per share |
|
$ |
1.63 |
|
|
$ |
1.16 |
|
|
41 |
% |
|
$ |
4.06 |
|
|
$ |
3.95 |
|
|
3 |
% |
Diluted weighted average shares outstanding |
|
|
141,027 |
|
|
|
148,001 |
|
|
|
|
|
142,288 |
|
|
|
151,619 |
|
|
|
||
Basic weighted average shares outstanding |
|
|
140,417 |
|
|
|
147,099 |
|
|
|
|
|
141,540 |
|
|
|
150,543 |
|
|
|
||
1Directly related cost of transportation and other expenses totals Operating Expenses from Airfreight services, Ocean freight and ocean services and Customs brokerage and other services as shown in the Condensed Consolidated Statements of Earnings. |
||||||||||||||||||||||
2Salaries and other operating expenses totals Salaries and related, Rent and occupancy, Depreciation and amortization, Selling and promotion and Other as shown in the Condensed Consolidated Statements of Earnings. |
During the three and nine months ended September 30, 2024 we repurchased 1.2 million and 5.1 million shares of common stock at an average price of
|
|
Employee Full-time Equivalents as of |
|
|||||
|
|
September 30, 2024 |
|
|
September 30, 2023 |
|
||
|
|
|
6,920 |
|
|
|
6,975 |
|
|
|
|
3,838 |
|
|
|
3,811 |
|
|
|
|
2,271 |
|
|
|
2,290 |
|
|
|
|
1,776 |
|
|
|
1,709 |
|
|
|
|
1,386 |
|
|
|
1,440 |
|
|
|
|
780 |
|
|
|
753 |
|
Information Systems |
|
|
1,303 |
|
|
|
1,244 |
|
Corporate |
|
|
416 |
|
|
|
403 |
|
Total |
|
|
18,690 |
|
|
|
18,625 |
|
|
|
Third quarter year-over-year percentage increase (decrease) in: |
||
2024 |
|
Airfreight
|
|
Ocean freight
|
July |
|
|
|
|
August |
|
|
|
|
September |
|
|
|
|
Quarter |
|
|
|
|
Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on November 8, 2024 will be considered in management's 8-K “Responses to Selected Questions.”
___________________________
NOTE: See Disclaimer on Forward-Looking Statements in this release.
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. |
||||||||
AND SUBSIDIARIES |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
(In thousands, except per share data) |
||||||||
(Unaudited) |
||||||||
|
|
September 30, 2024 |
|
December 31, 2023 |
||||
Assets: |
|
|
|
|
||||
Current Assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
1,293,173 |
|
|
$ |
1,512,883 |
|
Accounts receivable, less allowance for credit loss of |
|
|
2,176,959 |
|
|
|
1,532,599 |
|
Deferred contract costs |
|
|
431,640 |
|
|
|
218,807 |
|
Other |
|
|
181,273 |
|
|
|
170,907 |
|
Total current assets |
|
|
4,083,045 |
|
|
|
3,435,196 |
|
Property and equipment, less accumulated depreciation and amortization |
|
|
468,594 |
|
|
|
479,225 |
|
Operating lease right-of-use assets |
|
|
525,810 |
|
|
|
516,280 |
|
Goodwill |
|
|
7,927 |
|
|
|
7,927 |
|
Deferred federal and state income taxes, net |
|
|
69,789 |
|
|
|
63,690 |
|
Other assets, net |
|
|
15,752 |
|
|
|
21,491 |
|
Total assets |
|
$ |
5,170,917 |
|
|
$ |
4,523,809 |
|
Liabilities: |
|
|
|
|
||||
Current Liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
1,240,174 |
|
|
$ |
860,856 |
|
Accrued liabilities, primarily salaries and related costs |
|
|
470,723 |
|
|
|
447,336 |
|
Contract liabilities |
|
|
532,289 |
|
|
|
280,909 |
|
Current portion of operating lease liabilities |
|
|
106,832 |
|
|
|
99,749 |
|
Federal, state and foreign income taxes |
|
|
25,728 |
|
|
|
15,562 |
|
Total current liabilities |
|
|
2,375,746 |
|
|
|
1,704,412 |
|
Noncurrent portion of operating lease liabilities |
|
|
436,001 |
|
|
|
427,984 |
|
Shareholders’ Equity: |
|
|
|
|
||||
Preferred stock, none issued |
|
|
— |
|
|
|
— |
|
Common stock, par value |
|
|
1,400 |
|
|
|
1,439 |
|
Additional paid-in capital |
|
|
4,307 |
|
|
|
— |
|
Retained earnings |
|
|
2,540,978 |
|
|
|
2,580,968 |
|
Accumulated other comprehensive loss |
|
|
(189,978 |
) |
|
|
(192,057 |
) |
Total shareholders’ equity |
|
|
2,356,707 |
|
|
|
2,390,350 |
|
Noncontrolling interest |
|
|
2,463 |
|
|
|
1,063 |
|
Total equity |
|
|
2,359,170 |
|
|
|
2,391,413 |
|
Total liabilities and equity |
|
$ |
5,170,917 |
|
|
$ |
4,523,809 |
|
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. |
||||||||||||||||
AND SUBSIDIARIES |
||||||||||||||||
Condensed Consolidated Statements of Earnings |
||||||||||||||||
(In thousands, except per share data) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
||||||
Airfreight services |
|
$ |
986,950 |
|
|
$ |
724,331 |
|
|
$ |
2,606,647 |
|
|
$ |
2,380,405 |
|
Ocean freight and ocean services |
|
|
1,017,618 |
|
|
|
560,281 |
|
|
|
2,240,079 |
|
|
|
1,851,389 |
|
Customs brokerage and other services |
|
|
995,563 |
|
|
|
905,389 |
|
|
|
2,799,084 |
|
|
|
2,790,548 |
|
Total revenues |
|
|
3,000,131 |
|
|
|
2,190,001 |
|
|
|
7,645,810 |
|
|
|
7,022,342 |
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
||||||
Airfreight services |
|
|
740,356 |
|
|
|
516,519 |
|
|
|
1,923,115 |
|
|
|
1,707,568 |
|
Ocean freight and ocean services |
|
|
783,827 |
|
|
|
387,670 |
|
|
|
1,675,931 |
|
|
|
1,277,159 |
|
Customs brokerage and other services |
|
|
569,781 |
|
|
|
497,922 |
|
|
|
1,567,606 |
|
|
|
1,555,669 |
|
Salaries and related |
|
|
450,308 |
|
|
|
412,505 |
|
|
|
1,289,901 |
|
|
|
1,290,911 |
|
Rent and occupancy |
|
|
61,024 |
|
|
|
58,387 |
|
|
|
181,873 |
|
|
|
174,224 |
|
Depreciation and amortization |
|
|
15,774 |
|
|
|
15,607 |
|
|
|
45,914 |
|
|
|
46,374 |
|
Selling and promotion |
|
|
7,589 |
|
|
|
6,149 |
|
|
|
22,366 |
|
|
|
18,847 |
|
Other |
|
|
69,948 |
|
|
|
79,173 |
|
|
|
198,885 |
|
|
|
211,055 |
|
Total operating expenses |
|
|
2,698,607 |
|
|
|
1,973,932 |
|
|
|
6,905,591 |
|
|
|
6,281,807 |
|
Operating income |
|
|
301,524 |
|
|
|
216,069 |
|
|
|
740,219 |
|
|
|
740,535 |
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
||||||
Interest income |
|
|
9,917 |
|
|
|
17,156 |
|
|
|
36,699 |
|
|
|
53,723 |
|
Other, net |
|
|
973 |
|
|
|
(1,334 |
) |
|
|
4,599 |
|
|
|
4,394 |
|
Other income, net |
|
|
10,890 |
|
|
|
15,822 |
|
|
|
41,298 |
|
|
|
58,117 |
|
Earnings before income taxes |
|
|
312,414 |
|
|
|
231,891 |
|
|
|
781,517 |
|
|
|
798,652 |
|
Income tax expense |
|
|
82,488 |
|
|
|
61,048 |
|
|
|
206,040 |
|
|
|
206,018 |
|
Net earnings |
|
|
229,926 |
|
|
|
170,843 |
|
|
|
575,477 |
|
|
|
592,634 |
|
Less net earnings (losses) attributable to the noncontrolling interest |
|
|
352 |
|
|
|
(510 |
) |
|
|
1,282 |
|
|
|
(1,530 |
) |
Net earnings attributable to shareholders |
|
$ |
229,574 |
|
|
$ |
171,353 |
|
|
$ |
574,195 |
|
|
$ |
594,164 |
|
Diluted earnings attributable to shareholders per share |
|
$ |
1.63 |
|
|
$ |
1.16 |
|
|
$ |
4.04 |
|
|
$ |
3.92 |
|
Basic earnings attributable to shareholders per share |
|
$ |
1.63 |
|
|
$ |
1.16 |
|
|
$ |
4.06 |
|
|
$ |
3.95 |
|
Weighted average diluted shares outstanding |
|
|
141,027 |
|
|
|
148,001 |
|
|
|
142,288 |
|
|
|
151,619 |
|
Weighted average basic shares outstanding |
|
|
140,417 |
|
|
|
147,099 |
|
|
|
141,540 |
|
|
|
150,543 |
|
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. |
||||||||||||||||
AND SUBSIDIARIES |
||||||||||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||||||||||
(In thousands) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
Three months ended September 30, |
|
Nine months ended September 30, |
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Operating Activities: |
|
|
|
|
|
|
|
|
||||||||
Net earnings |
|
$ |
229,926 |
|
|
$ |
170,843 |
|
|
$ |
575,477 |
|
|
$ |
592,634 |
|
Adjustments to reconcile net earnings to net cash from operating activities: |
|
|
|
|
|
|
|
|
||||||||
Provisions for (recoveries) losses on accounts receivable |
|
|
(582 |
) |
|
|
1,411 |
|
|
|
1,456 |
|
|
|
2,316 |
|
Deferred income tax benefit |
|
|
(1,057 |
) |
|
|
(6,418 |
) |
|
|
(5,680 |
) |
|
|
(7,942 |
) |
Stock compensation expense |
|
|
9,760 |
|
|
|
15,879 |
|
|
|
47,836 |
|
|
|
46,962 |
|
Depreciation and amortization |
|
|
15,774 |
|
|
|
15,607 |
|
|
|
45,914 |
|
|
|
46,374 |
|
Other, net |
|
|
162 |
|
|
|
2,673 |
|
|
|
4,032 |
|
|
|
6,396 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
||||||||
(Increase) decrease in accounts receivable |
|
|
(301,167 |
) |
|
|
(53,722 |
) |
|
|
(647,794 |
) |
|
|
629,205 |
|
Increase (decrease) in accounts payable and accrued liabilities |
|
|
107,535 |
|
|
|
40,919 |
|
|
|
402,818 |
|
|
|
(311,990 |
) |
(Increase) decrease in deferred contract costs |
|
|
(30,657 |
) |
|
|
(56,917 |
) |
|
|
(216,977 |
) |
|
|
28,870 |
|
Increase (decrease) in contract liabilities |
|
|
50,527 |
|
|
|
74,701 |
|
|
|
254,902 |
|
|
|
(33,549 |
) |
Increase (decrease) in income taxes payable, net |
|
|
20,331 |
|
|
|
(4,017 |
) |
|
|
13,163 |
|
|
|
(97,743 |
) |
Increase in other, net |
|
|
(10,580 |
) |
|
|
(10,979 |
) |
|
|
(1,502 |
) |
|
|
(6,695 |
) |
Net cash from operating activities |
|
|
89,972 |
|
|
|
189,980 |
|
|
|
473,645 |
|
|
|
894,838 |
|
Investing Activities: |
|
|
|
|
|
|
|
|
||||||||
Purchase of property and equipment |
|
|
(12,291 |
) |
|
|
(7,993 |
) |
|
|
(30,415 |
) |
|
|
(28,600 |
) |
Other, net |
|
|
(225 |
) |
|
|
10 |
|
|
|
(62 |
) |
|
|
(209 |
) |
Net cash from investing activities |
|
|
(12,516 |
) |
|
|
(7,983 |
) |
|
|
(30,477 |
) |
|
|
(28,809 |
) |
Financing Activities: |
|
|
|
|
|
|
|
|
||||||||
Proceeds (payments) on borrowings on lines of credit, net |
|
|
10,445 |
|
|
|
6,913 |
|
|
|
(5,538 |
) |
|
|
(6,683 |
) |
Proceeds from issuance of common stock |
|
|
53,256 |
|
|
|
61,841 |
|
|
|
67,734 |
|
|
|
80,305 |
|
Repurchases of common stock |
|
|
(140,031 |
) |
|
|
(298,103 |
) |
|
|
(602,855 |
) |
|
|
(1,199,294 |
) |
Dividends paid |
|
|
— |
|
|
|
— |
|
|
|
(102,638 |
) |
|
|
(102,263 |
) |
Payments for taxes related to net share settlement of equity awards |
|
|
— |
|
|
|
— |
|
|
|
(15,348 |
) |
|
|
(19,501 |
) |
Net cash from financing activities |
|
|
(76,330 |
) |
|
|
(229,349 |
) |
|
|
(658,645 |
) |
|
|
(1,247,436 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
20,194 |
|
|
|
(11,807 |
) |
|
|
(4,233 |
) |
|
|
(13,296 |
) |
Change in cash and cash equivalents |
|
|
21,320 |
|
|
|
(59,159 |
) |
|
|
(219,710 |
) |
|
|
(394,703 |
) |
Cash and cash equivalents at beginning of period |
|
|
1,271,853 |
|
|
|
1,698,587 |
|
|
|
1,512,883 |
|
|
|
2,034,131 |
|
Cash and cash equivalents at end of period |
|
$ |
1,293,173 |
|
|
$ |
1,639,428 |
|
|
$ |
1,293,173 |
|
|
$ |
1,639,428 |
|
Taxes Paid: |
|
|
|
|
|
|
|
|
||||||||
Income taxes |
|
$ |
63,046 |
|
|
$ |
61,603 |
|
|
$ |
196,649 |
|
|
$ |
306,059 |
|
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. |
||||||||||||||||||||||||||||||||||||
AND SUBSIDIARIES |
||||||||||||||||||||||||||||||||||||
Business Segment Information |
||||||||||||||||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||||||||||||
|
|
UNITED
|
|
|
OTHER
|
|
|
LATIN
|
|
|
NORTH
|
|
|
SOUTH
|
|
|
|
|
|
MIDDLE
|
|
|
ELIMI-
|
|
CONSOLI-
|
|
||||||||||
For the three months ended September 30, 2024: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues |
|
$ |
854,679 |
|
|
|
114,264 |
|
|
|
61,981 |
|
|
|
914,417 |
|
|
|
445,308 |
|
|
|
433,660 |
|
|
|
177,145 |
|
|
|
(1,323 |
) |
|
|
3,000,131 |
|
Directly related cost of transportation and other expenses1 |
|
$ |
443,930 |
|
|
|
67,626 |
|
|
|
38,973 |
|
|
|
763,781 |
|
|
|
369,905 |
|
|
|
279,235 |
|
|
|
131,098 |
|
|
|
(584 |
) |
|
|
2,093,964 |
|
Salaries and other operating expenses2 |
|
$ |
253,452 |
|
|
|
35,261 |
|
|
|
18,605 |
|
|
|
86,566 |
|
|
|
51,307 |
|
|
|
126,917 |
|
|
|
33,283 |
|
|
|
(748 |
) |
|
|
604,643 |
|
Operating income |
|
$ |
157,297 |
|
|
|
11,377 |
|
|
|
4,403 |
|
|
|
64,070 |
|
|
|
24,096 |
|
|
|
27,508 |
|
|
|
12,764 |
|
|
|
9 |
|
|
|
301,524 |
|
Identifiable assets at period end |
|
$ |
2,611,417 |
|
|
|
192,370 |
|
|
|
108,985 |
|
|
|
727,724 |
|
|
|
376,283 |
|
|
|
863,840 |
|
|
|
319,627 |
|
|
|
(29,329 |
) |
|
|
5,170,917 |
|
Capital expenditures |
|
$ |
9,299 |
|
|
|
198 |
|
|
|
101 |
|
|
|
296 |
|
|
|
839 |
|
|
|
1,548 |
|
|
|
10 |
|
|
|
— |
|
|
|
12,291 |
|
Equity |
|
$ |
1,628,893 |
|
|
|
35,825 |
|
|
|
42,670 |
|
|
|
221,519 |
|
|
|
124,387 |
|
|
|
182,515 |
|
|
|
164,665 |
|
|
|
(41,304 |
) |
|
|
2,359,170 |
|
For the three months ended September 30, 2023: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues |
|
$ |
784,503 |
|
|
|
106,293 |
|
|
|
47,327 |
|
|
|
515,340 |
|
|
|
207,006 |
|
|
|
410,904 |
|
|
|
119,849 |
|
|
|
(1,221 |
) |
|
|
2,190,001 |
|
Directly related cost of transportation and other expenses1 |
|
$ |
421,432 |
|
|
|
63,671 |
|
|
|
28,409 |
|
|
|
398,681 |
|
|
|
145,292 |
|
|
|
263,524 |
|
|
|
81,643 |
|
|
|
(541 |
) |
|
|
1,402,111 |
|
Salaries and other operating expenses2 |
|
$ |
261,323 |
|
|
|
38,275 |
|
|
|
16,405 |
|
|
|
66,546 |
|
|
|
42,138 |
|
|
|
120,436 |
|
|
|
27,351 |
|
|
|
(653 |
) |
|
|
571,821 |
|
Operating income |
|
$ |
101,748 |
|
|
|
4,347 |
|
|
|
2,513 |
|
|
|
50,113 |
|
|
|
19,576 |
|
|
|
26,944 |
|
|
|
10,855 |
|
|
|
(27 |
) |
|
|
216,069 |
|
Identifiable assets at period end |
|
$ |
2,572,404 |
|
|
|
200,711 |
|
|
|
110,708 |
|
|
|
512,746 |
|
|
|
217,018 |
|
|
|
726,729 |
|
|
|
260,619 |
|
|
|
(22,814 |
) |
|
|
4,578,121 |
|
Capital expenditures |
|
$ |
3,762 |
|
|
|
302 |
|
|
|
84 |
|
|
|
168 |
|
|
|
409 |
|
|
|
1,369 |
|
|
|
1,899 |
|
|
|
— |
|
|
|
7,993 |
|
Equity |
|
$ |
1,797,123 |
|
|
|
46,264 |
|
|
|
54,096 |
|
|
|
225,229 |
|
|
|
91,712 |
|
|
|
154,617 |
|
|
|
161,882 |
|
|
|
(39,449 |
) |
|
|
2,491,474 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
UNITED
|
|
|
OTHER
|
|
|
LATIN
|
|
|
NORTH
|
|
|
SOUTH
|
|
|
|
|
|
MIDDLE
|
|
|
ELIMI-
|
|
CONSOLI-
|
|
||||||||||
For the nine months ended September 30, 2024: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues |
|
$ |
2,385,392 |
|
|
|
331,837 |
|
|
|
151,787 |
|
|
|
2,096,709 |
|
|
|
960,970 |
|
|
|
1,241,432 |
|
|
|
481,600 |
|
|
|
(3,917 |
) |
|
|
7,645,810 |
|
Directly related cost of transportation and other expenses1 |
|
$ |
1,270,981 |
|
|
|
199,710 |
|
|
|
88,077 |
|
|
|
1,702,401 |
|
|
|
757,167 |
|
|
|
796,205 |
|
|
|
353,839 |
|
|
|
(1,728 |
) |
|
|
5,166,652 |
|
Salaries and other operating expenses2 |
|
$ |
772,835 |
|
|
|
102,684 |
|
|
|
49,920 |
|
|
|
224,588 |
|
|
|
135,303 |
|
|
|
363,718 |
|
|
|
92,099 |
|
|
|
(2,208 |
) |
|
|
1,738,939 |
|
Operating income |
|
$ |
341,576 |
|
|
|
29,443 |
|
|
|
13,790 |
|
|
|
169,720 |
|
|
|
68,500 |
|
|
|
81,509 |
|
|
|
35,662 |
|
|
|
19 |
|
|
|
740,219 |
|
Identifiable assets at period end |
|
$ |
2,611,417 |
|
|
|
192,370 |
|
|
|
108,985 |
|
|
|
727,724 |
|
|
|
376,283 |
|
|
|
863,840 |
|
|
|
319,627 |
|
|
|
(29,329 |
) |
|
|
5,170,917 |
|
Capital expenditures |
|
$ |
17,775 |
|
|
|
2,172 |
|
|
|
383 |
|
|
|
933 |
|
|
|
2,938 |
|
|
|
4,860 |
|
|
|
1,354 |
|
|
|
|
|
30,415 |
|
||
Equity |
|
$ |
1,628,893 |
|
|
|
35,825 |
|
|
|
42,670 |
|
|
|
221,519 |
|
|
|
124,387 |
|
|
|
182,515 |
|
|
|
164,665 |
|
|
|
(41,304 |
) |
|
|
2,359,170 |
|
For the nine months ended September 30, 2023: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues |
|
$ |
2,535,945 |
|
|
|
326,398 |
|
|
|
151,994 |
|
|
|
1,607,788 |
|
|
|
631,001 |
|
|
|
1,386,284 |
|
|
|
386,524 |
|
|
|
(3,592 |
) |
|
|
7,022,342 |
|
Directly related cost of transportation and other expenses1 |
|
$ |
1,387,511 |
|
|
|
201,984 |
|
|
|
90,139 |
|
|
|
1,238,996 |
|
|
|
437,392 |
|
|
|
924,592 |
|
|
|
261,482 |
|
|
|
(1,700 |
) |
|
|
4,540,396 |
|
Salaries and other operating expenses2 |
|
$ |
785,282 |
|
|
|
108,892 |
|
|
|
52,172 |
|
|
|
205,976 |
|
|
|
132,984 |
|
|
|
373,004 |
|
|
|
85,003 |
|
|
|
(1,902 |
) |
|
|
1,741,411 |
|
Operating income |
|
$ |
363,152 |
|
|
|
15,522 |
|
|
|
9,683 |
|
|
|
162,816 |
|
|
|
60,625 |
|
|
|
88,688 |
|
|
|
40,039 |
|
|
|
10 |
|
|
|
740,535 |
|
Identifiable assets at period end |
|
$ |
2,572,404 |
|
|
|
200,711 |
|
|
|
110,708 |
|
|
|
512,746 |
|
|
|
217,018 |
|
|
|
726,729 |
|
|
|
260,619 |
|
|
|
(22,814 |
) |
|
|
4,578,121 |
|
Capital expenditures |
|
$ |
15,829 |
|
|
|
932 |
|
|
|
360 |
|
|
|
1,110 |
|
|
|
744 |
|
|
|
6,688 |
|
|
|
2,937 |
|
|
|
— |
|
|
|
28,600 |
|
Equity |
|
$ |
1,797,123 |
|
|
|
46,264 |
|
|
|
54,096 |
|
|
|
225,229 |
|
|
|
91,712 |
|
|
|
154,617 |
|
|
|
161,882 |
|
|
|
(39,449 |
) |
|
|
2,491,474 |
|
1 Directly related cost of transportation and other expenses totals Operating Expenses from Airfreight services, Ocean freight and ocean services and Customs brokerage and other services as shown in the Condensed Consolidated Statements of Earnings. |
||||||||||||||||||||||||||||||||||||
2Salaries and other operating expenses totals Salaries and related, Rent and occupancy, Depreciation and amortization, Selling and promotion and Other as shown in the Condensed Consolidated Statements of Earnings. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20241104783314/en/
Jeffrey S. Musser
President and Chief Executive Officer
(206) 674-3433
Bradley S. Powell
Senior Vice President and Chief Financial Officer
(206) 674-3412
Geoffrey Buscher
Director - Investor Relations
(206) 892-4510
Source: Expeditors International of Washington, Inc.