|Expeditors Int'l profit rises on freight, brokerage growth|
Thursday May 8, 7:41 am ET
Expeditors Int'l 1st-qtr profit rises on freight and brokerage growth, but still misses views
SEATTLE (AP) -- Expeditors International of Washington Inc. said Thursday its first-quarter earnings rose 12 percent on growth across its freight and brokerage businesses, but the results narrowly missed Wall Street's expectations.
The company earned $66.5 million, or 30 cents per share, compared with $59.3 million, or 27 cents per share, in the year-ago quarter. The company said it took $1.6 million in legal fees related to a Department of Justice industry probe in the quarter.
Revenue rose 17 percent to $1.31 billion from $1.12 billion in the first quarter of 2007.
Analysts were expecting a profit of 31 cents per share on revenue of $1.3 billion, according to a poll by Thomson Financial.
Expeditors said airfreight revenue rose 16 percent to $599.8 million, while ocean freight revenue rose 19 percent to $446.8 million. Revenue in the company's brokerage division rose 15 percent to $260.8 million.