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Expeditors (EXPD) Q3 Earnings & Revenues Beat Estimates, Up Y/Y

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Expeditors International of Washington’s (EXPD - Free Report) third-quarter 2022 earnings of $2.54 per share surpassed the Zacks Consensus Estimate of $1.92. The bottom line increased 21.5% year over year. Total revenues of $4,362.14 million surpassed the Zacks Consensus Estimate of $4,147 million and increased 1% year over year.

Airfreight tonnage and ocean container volumes decreased 13% and 10%, respectively. Operating income increased 8% to $526.92 million in the third quarter. Total operating expenses escalated 0.1% to $3.84 billion.

Airfreight Services revenues decreased 9% year over year to $1.48 billion in the third quarter. Ocean Freight and ocean services revenues grew 5.4% to $1.68 billion. Customs Brokerage and other services revenues climbed 9.5% year over year to $1.19 billion.

During the third quarter of 2022, Expeditors repurchased $4.5 million shares at $103.56 per common share. EXPD exited the September quarter with cash and cash equivalents of $2.15 billion compared with $1.98 billion at the end of the prior quarter.

Currently, Expeditors carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other Transportation Companies

Delta AirLines’ (DAL - Free Report) third-quarter 2022 earnings (excluding 42 cents from non-recurring items) of $1.51 per share fell short of the Zacks Consensus Estimate of $1.56. Escalated operating expenses induced the earnings miss. Multiple flight cancelations and booking weaknesses due to Hurricane Ian also hurt results. DAL reported earnings of 30 cents per share a year ago, dull in comparison to the current scenario, as air-travel demand was not so buoyant then.

DAL reported revenues of $13,975 million, which lagged the Zacks Consensus Estimate of $14,157.2 million. Driven by the high air-travel demand, total revenues increased more than 52% on a year-over-year basis.

United Airlines’ (UAL - Free Report) third-quarter 2022 earnings (excluding 5 cents from non-recurring items) of $2.81 per share beat the Zacks Consensus Estimate of $2.21 and our estimate of $2.17. An upbeat in air-travel demand aided results. In the year-ago quarter, UAL incurred a loss of $1.02 per share when air-travel demand was not as buoyant as in the current scenario. The third quarter of 2022 was the second consecutive profitable quarter at UAL since the onset of the pandemic.

Operating revenues of $12,877 million beat the Zacks Consensus Estimate of $12,709.5 million and our estimate of $12, 631.6 million. UAL’s revenues increased more than 66% year over year owing to an upbeat in air-travel demand. The optimistic air-travel demand scenario is also evident from the fact that total operating revenues increased 13.2% from third-quarter 2019 (pre-coronavirus) levels.

J.B. Hunt Transport Services, Inc. (JBHT - Free Report) reported better-than-expected third-quarter 2022 results, wherein both earnings and revenues outperformed the Zacks Consensus Estimate.JBHT’squarterly earnings of $2.57 per share surpassed the Zacks Consensus Estimate of $2.45 and improved 36.7% year over year.

Total operating revenues of $3,838.3 million also outperformed the Zacks Consensus Estimate of $3803.4 million. The top line jumped 22.1% year over year on the back of strength across — Dedicated Contract Services, Intermodal, Truckload and Final Mile Services segments. Total operating revenues, excluding fuel surcharges, rose 12.4% year over year.

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