Expeditors International sees gain in 1Q profit

Freight forwarder Expeditors International reports gain in 1Q profit despite flat revenue

Associated Press

SEATTLE (AP) -- Freight-forwarding provider Expeditors International of Washington Inc. said Thursday that first-quarter profit rose 5 percent as airfreight volume increased.

Revenue, however, was flat with a year ago and lower than expected.

The company said prices remained "somewhat volatile," but it was pleased with the second straight quarter of airfreight tonnage improvement.

"There is a certain stability in these quarterly results that may not be as apparent on the surface as they were reassuring to us here," Chairman and CEO Peter J. Rose said.

Rose said he felt better about the state of the company than he did at this time in 2012.

Net income was $80.3 million, or 39 cents per share, compared with $76.7 million, or 36 cents per share, a year earlier.

Revenue was about the same as a year ago, at $1.41 billion.

Analysts expected the company to earn 39 cents per share on revenue of $1.47 billion, according to a FactSet survey.

The shares rose $1.71, or 4.8 percent, to close at $37.03 before the report. They were little changed in after-hours trading.

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