|Expeditors Reports Record Quarterly Profits of $.39 Per Share|
Tuesday November 4, 9:00 am ET
SEATTLE--(BUSINESS WIRE)--Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced quarterly net earnings of $85,565,000 for the third quarter of 2008, as compared with $74,320,000 for the same quarter of 2007, an increase of 15%. Net revenues for the third quarter of 2008 increased 12% to $429,127,000, as compared with $384,810,000 reported for the third quarter of 2007. Total revenues and operating income were $1,564,913,000 and $135,396,000 in 2008, as compared with $1,411,025,000 and $119,521,000 for the same quarter of 2007, increases of 11% and 13%, respectively. Diluted net earnings per share for the third quarter of 2008 were $.39, as compared with $.34 for the same quarter in 2007, an increase of 15%. The Company also reported that same store net revenues and operating income increased 11% and 13%, respectively, for the third quarter of 2008 when compared with 2007.
For the nine months ended September 30, 2008, net earnings rose to $223,286,000 from $199,097,000 in 2007, an increase of 12%. Net revenues for the nine months increased to $1,200,780,000 from $1,073,520,000 for 2007, up 12%. Total revenues and operating income for the nine months were $4,326,489,000 and $353,931,000 in 2008, as compared with $3,788,589,000 and $315,784,000 for the same period in 2007, increases of 14% and 12%, respectively. Diluted net earnings per share for the first three quarters of 2008 were $1.02, as compared with $.90 for the same period of 2007, an increase of 13%. Same store net revenues and operating income both increased 12%, for the nine months ended September 30, 2008, when compared with the same period of 2007.
“These record quarterly results make a very significant statement. They show what can be accomplished when a company’s culture rewards its employees based upon ‘real world’ profitability measurements that reinforce responsible risk and return decisions. Our profitability measurements are grounded in the kinds of economic reality that requires a long-term commitment to both generating and sustaining profitability through providing quality customer service. There are no short-term, ‘financially-engineered’ profitability gimmicks in these numbers that will unravel over time because they lack economic substance,” said Peter J. Rose, Chairman and Chief Executive Officer. “These results also show that we are capable of executing effectively in the face of some rather challenging circumstances. Particularly noteworthy of our continued commitment to productivity improvement is the quarter’s record-high 31.6% operating margin (operating income divided by net revenue). As always, it is the efforts of our people and their cultural buy-in that made these achievements possible. We’ve always said that we have the best people in the industry...and they continue to prove that,” Rose continued.