S&P 500 component Expeditors International of Washington Inc. reported its results for the fourth quarter. Expeditors International of Washington offers global logistics services through an international network supporting the movement and strategic positioning of goods.
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Expeditors International of Washington Earnings Cheat Sheet for the Fourth Quarter
Results: Net income for the air delivery and freight services company fell to $92.8 million (43 cents per share) vs. $96.5 million (45 cents per share) a year earlier. This is a decline of 3.8% from the year-earlier quarter.
Revenue: Fell 5.1% to $1.5 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Expeditors International of Washington Inc. fell short of the mean analyst estimate of 47 cents per share. It fell short of the average revenue estimate of $1.59 billion.
Quoting Management: “From a strategic perspective, our 2011 fourth quarter financial results showed all the things we think are important,” said Peter J. Rose, Chairman and Chief Executive Officer. “Operating income as a percentage of net revenue, at 32.6%, remained well above 30% for the seventh straight quarter while salaries as a percentage of net revenue were very much in line with our historical expectations.”
Key Stats:
Last quarter’s profit decrease ends a four-quarter streak of profit increases. In the third quarter, net income rose 10.9% from the year earlier, while the figure increased 5.2% in the second quarter, 49% in the first quarter and 39.6% in the fourth quarter of the last fiscal year.
The company fell short of estimates last quarter after beating the mark the quarter before with net income of 50 cents versus a mean estimate of net income of 49 cents per share.
Revenue has declined for two quarters in a row. In the third quarter, revenue declined 3.7% to $1.61 billion from the year-earlier quarter.
Looking Forward: Expectations for the first quarter of the next fiscal year have not changed from 45 cents. For the fiscal year, the average estimate has been unchanged at $1.83 a share.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com
To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com
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