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Expeditors (EXPD) Stock Up Post Q1 Earnings Report: Here's Why
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Despite the cyberattack woes, Expeditors International of Washington (EXPD - Free Report) outperformed in first-quarter 2022, both on the top and the bottom-line front. Evidently, EXPD’s first-quarter 2022 earnings of $2.05 per share surpassed the Zacks Consensus Estimate of $1.77. The bottom line improved 22.75% year over year. The outperformance, despite the challenges, pleased investors. As a result, the stock gained in early trading.
Expeditors International of Washington, Inc. Price, Consensus and EPS Surprise
Mainly due to the February attack, airfreight tonnage volume and ocean container volume decreased 18% and 3%, respectively, on a year-over-year basis. Total revenues of $4,664.3 million outperformed the Zacks Consensus Estimate of $4,175.6 million and also increased 38.9% year over year. Higher revenues across all units boosted the top line.
Airfreight Services revenues increased 20.56% year over year to $1.59 billion in the first quarter. Ocean Freight and Ocean Services revenues skyrocketed more than 100% to $1.98 billion. Customs Brokerage and Other Services revenues climbed 18.55% year over year to $1.09 billion.
Operating income rose 19.77% to $461.76 million in the March quarter on the back of higher revenues. Total operating expenses escalated 49.3% to $4.21 billion. Due to the cyberattacks, EXPD incurred significant costs for recovering its operational and accounting systems and enhancing its cybersecurity protections.
As a result of Expeditors’ inability to process and move shipments through ports on a timely basis, it had to shell out approximately $40 million as incremental demurrage charges.
During the first quarter of 2021, Expeditors, currently carrying a Zacks Rank #3 (Hold), did not repurchase any shares. EXPD exited the March quarter with cash and cash equivalents of $2.14 billion compared with $1.73 billion at the end of 2021.
J.B. Hunt reported better-than-expected first-quarter 2022 earnings. Quarterly earnings of $2.29 per share surpassed the Zacks Consensus Estimate of $1.91. The bottom line surged 67.2% year over year on the back of higher revenues across all segments.
Total operating revenues of $3,488.6 million also outperformed the Zacks Consensus Estimate of $3,260.5 million. The top line jumped 33.3% year over year.
CSX Corp’s first-quarter 2022 earnings of 39 cents per share beat the Zacks Consensus Estimate by a penny despite the decrease in overall volumes as supply-chain issues continue to dent results. The bottom line improved 25.81% year over year owing to higher revenues, aided by increased shipping rates.
Total revenues of $3,413 million outperformed the Zacks Consensus Estimate of $3291.2 million. The top line increased 21.33% year over year.
United Airlines incurred a loss of $4.24 per share in the first quarter of 2022, wider than the Zacks Consensus Estimate of a loss of $4.19. This is the ninth consecutive quarterly loss incurred by UAL as coronavirus concerns continue to weigh on air-travel demand.
Operating revenues of $7,566 million also fell short of the Zacks Consensus Estimate of $7,657.2 million.
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Expeditors (EXPD) Stock Up Post Q1 Earnings Report: Here's Why
Despite the cyberattack woes, Expeditors International of Washington (EXPD - Free Report) outperformed in first-quarter 2022, both on the top and the bottom-line front. Evidently, EXPD’s first-quarter 2022 earnings of $2.05 per share surpassed the Zacks Consensus Estimate of $1.77. The bottom line improved 22.75% year over year. The outperformance, despite the challenges, pleased investors. As a result, the stock gained in early trading.
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
Mainly due to the February attack, airfreight tonnage volume and ocean container volume decreased 18% and 3%, respectively, on a year-over-year basis. Total revenues of $4,664.3 million outperformed the Zacks Consensus Estimate of $4,175.6 million and also increased 38.9% year over year. Higher revenues across all units boosted the top line.
Airfreight Services revenues increased 20.56% year over year to $1.59 billion in the first quarter. Ocean Freight and Ocean Services revenues skyrocketed more than 100% to $1.98 billion. Customs Brokerage and Other Services revenues climbed 18.55% year over year to $1.09 billion.
Operating income rose 19.77% to $461.76 million in the March quarter on the back of higher revenues. Total operating expenses escalated 49.3% to $4.21 billion. Due to the cyberattacks, EXPD incurred significant costs for recovering its operational and accounting systems and enhancing its cybersecurity protections.
As a result of Expeditors’ inability to process and move shipments through ports on a timely basis, it had to shell out approximately $40 million as incremental demurrage charges.
During the first quarter of 2021, Expeditors, currently carrying a Zacks Rank #3 (Hold), did not repurchase any shares. EXPD exited the March quarter with cash and cash equivalents of $2.14 billion compared with $1.73 billion at the end of 2021.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Earnings Snapshots
Within the broader Transportation sector, the likes of J.B. Hunt Transport Services (JBHT - Free Report) , CSX Corporation (CSX - Free Report) and United Airlines (UAL - Free Report) reported first-quarter 2022 results.
J.B. Hunt reported better-than-expected first-quarter 2022 earnings. Quarterly earnings of $2.29 per share surpassed the Zacks Consensus Estimate of $1.91. The bottom line surged 67.2% year over year on the back of higher revenues across all segments.
Total operating revenues of $3,488.6 million also outperformed the Zacks Consensus Estimate of $3,260.5 million. The top line jumped 33.3% year over year.
CSX Corp’s first-quarter 2022 earnings of 39 cents per share beat the Zacks Consensus Estimate by a penny despite the decrease in overall volumes as supply-chain issues continue to dent results. The bottom line improved 25.81% year over year owing to higher revenues, aided by increased shipping rates.
Total revenues of $3,413 million outperformed the Zacks Consensus Estimate of $3291.2 million. The top line increased 21.33% year over year.
United Airlines incurred a loss of $4.24 per share in the first quarter of 2022, wider than the Zacks Consensus Estimate of a loss of $4.19. This is the ninth consecutive quarterly loss incurred by UAL as coronavirus concerns continue to weigh on air-travel demand.
Operating revenues of $7,566 million also fell short of the Zacks Consensus Estimate of $7,657.2 million.