Good times are back for Expeditors
The recovery in global trade, and higher volumes in the U.S. and Asia, saw Expeditors International increase its fourth-quarter profit by 40 percent. Net earnings were $96.5 million on revenue that increased 27 percent to $1.58 billion.
Full-year revenue for the forwarder, seen as a bellwether for the broader economy, was up 46 percent at $5.97 billion. Net earnings improved 43 percent to $344.2 million.
Airfreight, the company’s biggest revenue generator, saw an increase of 23 percent in the fourth quarter and 54 percent in the calendar year, reaching $2.82 billion for the full year. Ocean freight revenue also saw growth of more than 50 percent for the year.
Peter Rose, chairman and CEO, said: “Our 2010 was outstanding by any measure, and this fourth quarter was a great ending. Our people successfully handled some amazing volumes.
“This wasn’t our first recession, it was merely our worst,” Rose added. “We have always thought that recessionary investments, particularly those in technology, prodyctivity and process improvement, have highher rates of return as the economy turns — and indeed they did.”