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Expeditors International of Washington’s (EXPD - Free Report) third-quarter 2021 earnings of $2.09 per share surpassed the Zacks Consensus Estimate of $1.67 and also surged 87% on a year-over-year basis. Results were aided by higher revenues as “demand continues to far outstrip available capacity”. The top line rose significantly year over year to $4,319.3 million and surpassed the Zacks Consensus Estimate of $3,454.3 million. 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 28% and 15% year over year, respectively. Operating income soared 94% to $490 million in the third quarter on the back of higher revenues. Total operating expenses escalated 82.6% to $3.83 billion.
During the first nine months of 2021, this Zacks Rank #3 (Hold) company repurchased 2 million shares at an average price of $110.45 per share. It exited the third quarter with cash and cash equivalents of $1.82 billion compared with $1.53 billion at the end of 2020.
Airfreight Services revenues increased 65.6% year over year to $1.63 billion in the third quarter. Ocean Freight and Ocean Services revenues skyrocketed more than 100% to $1.60 billion. Customs Brokerage and Other Services revenues climbed 44.6% year over year to $1.09 billion.
Sectorial Snapshots
Let’s take a look at some of the other earnings releases from companies within the Zacks Transportation sector.
CSX Corporation (CSX - Free Report) , carrying a Zacks Rank #3, reported third-quarter 2021 earnings of 43 cents per share, surpassing the Zacks Consensus Estimate of 38 cents. Total revenues of $3,292 million outperformed the Zacks Consensus Estimate of $3030.9 million.
Southwest Airlines (LUV - Free Report) , carrying a Zacks Rank #4 (Sell), incurred a loss (excluding 96 cents from non-recurring items) of 23 cents per share in the third quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of 27 cents. Operating revenues of $4,679 million outperformed the Zacks Consensus Estimate of $4,581.5 million.
United Airlines Holdings (UAL - Free Report) , carrying a Zacks Rank #3, incurred a loss (excluding $2.46 from non-recurring items) of $1.02 per share in the third quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of $1.65. Operating revenues of $7,750 million surpassed the Zacks Consensus Estimate of $7639.7 million.
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Expeditors (EXPD) Q3 Earnings & Revenues Beat, Rise Y/Y
Expeditors International of Washington’s (EXPD - Free Report) third-quarter 2021 earnings of $2.09 per share surpassed the Zacks Consensus Estimate of $1.67 and also surged 87% on a year-over-year basis. Results were aided by higher revenues as “demand continues to far outstrip available capacity”. The top line rose significantly year over year to $4,319.3 million and surpassed the Zacks Consensus Estimate of $3,454.3 million. 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 28% and 15% year over year, respectively. Operating income soared 94% to $490 million in the third quarter on the back of higher revenues. Total operating expenses escalated 82.6% to $3.83 billion.
During the first nine months of 2021, this Zacks Rank #3 (Hold) company repurchased 2 million shares at an average price of $110.45 per share. It exited the third quarter with cash and cash equivalents of $1.82 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.
Expeditors International of Washington, Inc. Price, Consensus and EPS Surprise
Expeditors International of Washington, Inc. price-consensus-eps-surprise-chart | Expeditors International of Washington, Inc. Quote
Segmental Highlights
Airfreight Services revenues increased 65.6% year over year to $1.63 billion in the third quarter. Ocean Freight and Ocean Services revenues skyrocketed more than 100% to $1.60 billion. Customs Brokerage and Other Services revenues climbed 44.6% year over year to $1.09 billion.
Sectorial Snapshots
Let’s take a look at some of the other earnings releases from companies within the Zacks Transportation sector.
CSX Corporation (CSX - Free Report) , carrying a Zacks Rank #3, reported third-quarter 2021 earnings of 43 cents per share, surpassing the Zacks Consensus Estimate of 38 cents. Total revenues of $3,292 million outperformed the Zacks Consensus Estimate of $3030.9 million.
Southwest Airlines (LUV - Free Report) , carrying a Zacks Rank #4 (Sell), incurred a loss (excluding 96 cents from non-recurring items) of 23 cents per share in the third quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of 27 cents. Operating revenues of $4,679 million outperformed the Zacks Consensus Estimate of $4,581.5 million.
United Airlines Holdings (UAL - Free Report) , carrying a Zacks Rank #3, incurred a loss (excluding $2.46 from non-recurring items) of $1.02 per share in the third quarter of 2021, narrower than the Zacks Consensus Estimate of a loss of $1.65. Operating revenues of $7,750 million surpassed the Zacks Consensus Estimate of $7639.7 million.