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Expeditors' (EXPD) Q2 Earnings Beat Estimates, Rise Y/Y

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Expeditors International of Washington’s (EXPD - Free Report) second-quarter 2021 earnings of $1.84 per share surpassed the Zacks Consensus Estimate of $1.63 and also surged 68.8% on a year-over-year basis. Results were aided by higher revenues. The top line rose 39.9% year over year to $3,609.1 million and surpassed the Zacks Consensus Estimate of $2,524.7 million as well.  Uptick in ocean freight and ocean services revenues boosted the top line.

In the quarter under review, volumes pertaining to airfreight tonnage and ocean containers increased 37% and 34% year over year, respectively. Operating income soared 66% to $411 million in the second quarter on the back of better revenues. Total operating expenses escalated 47.8% to $3.2 billion.

During the June quarter, this currently Zacks Rank #2 (Buy) company repurchased 0.5 million of common stock at an average price of $124.94 per share. It exited the second quarter of 2021 with cash and cash equivalents of $1.67 billion compared with $1.53 billion 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 increased 20% year over year to $1,523.57 million in the second quarter. Ocean Freight and Ocean Services revenues skyrocketed more than 100% to $1,098.55 million. Moreover, Customs Brokerage and Other Services revenues climbed 51.4% year over year to $986.97 million.

Sectorial Snapshots

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

Knight-Swift Transportation Holdings  (KNX - Free Report) reported second-quarter 2021 earnings (excluding 6 cents from non-recurring items) of 98 cents per share, surpassing the Zacks Consensus Estimate of 87 cents. Total revenues of $1,315.7 million also outperformed the Zacks Consensus Estimate of $1,300.8 million.
 
United Parcel Service  (UPS - Free Report) reported second-quarter 2021 earnings (excluding a penny from non-recurring items) of $3.06 per share, beating the Zacks Consensus Estimate of $2.75. Quarterly revenues of $23,424 million also outperformed the Zacks Consensus Estimate of $23,085.4 million.

Ryanair Holdings  (RYAAY - Free Report) incurred a loss of $1.46 per share in the first quarter of fiscal 2022 (ended Jun 30, 2021), narrower than the Zacks Consensus Estimate of a loss of $1.50. Quarterly revenues of $446.4 million fell short of the Zacks Consensus Estimate of $459 million.