Expeditors International of Washington reported one of the strongest quarters in its history, saying net profits soared 85 percent to a record $80.5 million in the fourth quarter on strong growth in ocean and air freight volumes and yield.

The Seattle-based forwarder saw gross revenue grow 18 percent to $1.1 billion while net revenue - the revenue minus direct transportation costs - grew a faster 23 percent to $296.3 million.

Expeditors said air freight business was strong throughout the quarter and that ocean volume "came through very strong in December."

That gave Expeditors $1.1 billion in net revenue for all of 2005, the first year it has cleared $1 billion in net revenue, and just over $3.9 billion in gross revenue. The operating profit of $304 million for the full year was 31.3 percent of net revenue, a strong profit margin that showed Expeditors was "able to handle a significant increase in freight without having to add a commensurate amount of expense," said Expeditors Chairman and CEO Peter Rose.

For the full year, Expeditors' net profit grew 40 percent to $218.6 million.