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Non-Tech : Expeditors Int'l (EXPD)
EXPD 77.58+0.7%3:59 PM EDT

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From: JakeStraw5/8/2008 7:47:52 AM
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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.
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