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Expeditors' (EXPD) Q3 Earnings Surpass Estimates, Up Y/Y
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Expeditors International of Washington, Inc. (EXPD - Free Report) performed impressively in the third quarter of 2018, reporting better-than-expected earnings and revenues.
The company’s earnings of 92 cents per share, surpassed the Zacks Consensus Estimate by 14 cents. Also, the bottom line increased more than 39% on a year-over-year basis. Results were aided by higher revenues and a lower effective tax rate.
Effective tax rate in the reported quarter was 21.8%, compared with 36.7% a year ago. Revenues came in at $2.09 billion outpacing the Zacks Consensus Estimate of $2.03 billion. The top line improved 16% from the year-ago figure.
Growth was witnessed across all major divisions of the company. Volumes with respect to airfreight tonnage and ocean container increased 1% and 8%, respectively, on a year-over-year basis.
Gross profit (net revenues) increased 10% year over year in the third quarter of 2018 to $661.31 million. Gross margin (yield) came in at 31.6% compared with 33.2% in the year-ago quarter.
In the third quarter, the company repurchased 2 million shares at an average price of $73.47 per share. This Zacks Rank #3 (Hold) company exited the quarter with cash and cash equivalents of $990.61 million compared with $1.05 billion at the end of 2017. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Expeditors International of Washington, Inc. Price, Consensus and EPS Surprise
Airfreight Services revenues improved 13.3% year over year to $833.33 million in the third quarter. Ocean Freight and Ocean Services revenues increased 4% to $585.81 million. Customs Brokerage and Other Services revenues increased 33.4 % year over year to approximately $671.8 million.
Upcoming Releases
Investors interested in the broader Transportation sector are keenly awaiting quarterly results from key players like Air Lease Corporation (AL - Free Report) , Hertz Global Holdings, Inc (HTZ - Free Report) and Copa Holdings S.A. (CPA - Free Report) . While Air Lease and Hertz Global Holdings will report third-quarter earnings on Nov 8, Copa Holdings will release the same on Nov 14.
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It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
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Expeditors' (EXPD) Q3 Earnings Surpass Estimates, Up Y/Y
Expeditors International of Washington, Inc. (EXPD - Free Report) performed impressively in the third quarter of 2018, reporting better-than-expected earnings and revenues.
The company’s earnings of 92 cents per share, surpassed the Zacks Consensus Estimate by 14 cents. Also, the bottom line increased more than 39% on a year-over-year basis. Results were aided by higher revenues and a lower effective tax rate.
Effective tax rate in the reported quarter was 21.8%, compared with 36.7% a year ago. Revenues came in at $2.09 billion outpacing the Zacks Consensus Estimate of $2.03 billion. The top line improved 16% from the year-ago figure.
Growth was witnessed across all major divisions of the company. Volumes with respect to airfreight tonnage and ocean container increased 1% and 8%, respectively, on a year-over-year basis.
Gross profit (net revenues) increased 10% year over year in the third quarter of 2018 to $661.31 million. Gross margin (yield) came in at 31.6% compared with 33.2% in the year-ago quarter.
In the third quarter, the company repurchased 2 million shares at an average price of $73.47 per share. This Zacks Rank #3 (Hold) company exited the quarter with cash and cash equivalents of $990.61 million compared with $1.05 billion at the end of 2017. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Expeditors International of Washington, Inc. Price, Consensus and EPS Surprise
Expeditors International of Washington, Inc. Price, Consensus and EPS Surprise | Expeditors International of Washington, Inc. Quote
Segmental Revenues
Airfreight Services revenues improved 13.3% year over year to $833.33 million in the third quarter. Ocean Freight and Ocean Services revenues increased 4% to $585.81 million. Customs Brokerage and Other Services revenues increased 33.4 % year over year to approximately $671.8 million.
Upcoming Releases
Investors interested in the broader Transportation sector are keenly awaiting quarterly results from key players like Air Lease Corporation (AL - Free Report) , Hertz Global Holdings, Inc (HTZ - Free Report) and Copa Holdings S.A. (CPA - Free Report) . While Air Lease and Hertz Global Holdings will report third-quarter earnings on Nov 8, Copa Holdings will release the same on Nov 14.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>