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Expeditors' (EXPD) Q1 Earnings Beat Estimates, Rise Y/Y

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Expeditors International of Washington’s (EXPD - Free Report) first-quarter 2021 earnings of $1.67 per share surpassed the Zacks Consensus Estimate of $1 and also skyrocketed more than 100% on a year-over-year basis. Results were aided by higher revenues. Also, the top line rose 76.5% year over year to $3,357.5 million and surpassed the Zacks Consensus Estimate of $2,405.4 million as well. Uptick in airfreight revenues boosted the top line.

In the quarter under review, volumes pertaining to both airfreight tonnage and ocean containers increased 29% year over year. Operating income jumped above 100% to $386 million in the first quarter on the back of better revenues. Total operating expenses escalated 70.5% $2.97 billion.

During the March quarter, this currently Zacks Rank #2 (Buy) company repurchased 0.9 million of common stock at an average price of $92.98 per share. It exited the first quarter of 2021 with cash and cash equivalents of $1.79 billion compared with $1.53 million at the end of 2020.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Segmental Highlights

Airfreight Services revenues soared more than 100% year over year to $1,476.96 million in the first quarter. Ocean Freight and Ocean Services revenues surged 94.2% to $958.18 million. Moreover, Customs Brokerage and Other Services revenues climbed 31.9% year over year to $922.4 million.

Sectorial Snapshots

Let’s glance through some of the other recently-released earnings reports from companies within the Zacks Transportation sector.

Canadian National Railway Co. (CNI - Free Report) reported first-quarter 2021 earnings (excluding 11 cents from non-recurring items) of 97 cents per share (C$1.23), missing the Zacks Consensus Estimate of 99 cents. Quarterly revenues of $2,791.6 million (C$3,535 million) also lagged the Zacks Consensus Estimate of $2,813.1 million.

Landstar System (LSTR - Free Report) reported first-quarter 2021 earnings of $2.01 per share, surpassing the Zacks Consensus Estimate of $1.61. Additionally, revenues of $1,287.5 million outperformed the Zacks Consensus Estimate of $1,142.5 million.

Southwest Airlines (LUV - Free Report) incurred a loss of $1.72 per share (excluding $1.91 from non-recurring items) in the first quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of $1.82. Moreover, operating revenues of $2,052 million surpassed the Zacks Consensus Estimate of $2,031.7 million.

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