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Is a Beat in Store for Expeditors (EXPD) in Q1 Earnings?
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Expeditors International of Washington (EXPD - Free Report) is scheduled to report its first-quarter 2024 results on May 7 before market open.
The company has a disappointing earnings history, having missed the Zacks Consensus Estimate in three of the preceding four quarters and surpassing once. The average miss is 3.37%. The Zacks Consensus Estimate for EXPD’s first-quarter 2024 earnings has been revised upward to 2.80% in the past 60 days.
Given this backdrop, let’s see how things have shaped up for Expeditors this earnings season.
The Zacks Consensus Estimate for EXPD’s first-quarter 2024 revenues is pegged at $2.17 billion, which indicates a 16.20% decline year over year. However, Expeditors' strong financial position supports its growth-by-acquisition strategy. Efforts to reward its shareholders also bode well.
Our estimate for first-quarter Airfreight Services revenues is pegged at $680.6 million, which indicates a 24.8% decline from the year-ago reported figure. Revenues from ocean freight and services, customs brokerage and other services are expected to be $468.6 million and $929.8 million, indicating a loss of 32.8% and 6.1% year over year, respectively. EXPD is looking to cut costs to drive the bottom line in this weak demand scenario.
Our estimate for the first-quarter total operating income has decreased 32.3% year over year. The Zacks Consensus Estimate for quarterly earnings is pegged at $1.10 per share, which implies a 24.14% decline from the first-quarter 2023 actuals.
What Our Model Says
Our proven model predicts an earnings beat for EXPD this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is the case here. You can see the complete list of today’s Zacks #1 Rank stocks here.
EXPD has an Earnings ESP of +6.39% and a Zacks Rank #2. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Expeditors International of Washington, Inc. Price and EPS Surprise
EXPD’s fourth-quarter 2023 earnings per share of $1.09 missed the Zacks Consensus Estimate of $1.21 per share. The bottom line plunged 21% year over year due to volume woes. Total revenues of $2.28 billion beat the Zacks Consensus Estimate of $2.24 billion but declined 33.8% year over year.
Q1 Performances of Other Transportation Companies
Delta Air Lines’ (DAL - Free Report) first-quarter 2024 earnings (excluding 39 cents from non-recurring items) of 45 cents per share comfortably beat the Zacks Consensus Estimate of $0.36 and improved 7.75% year over year.
Revenues of $13.75 billion surpassed the Zacks Consensus Estimate of $12.84 billion and increased 7.75% on a year-over-year basis. Adjusted operating revenues (excluding third-party refinery sales) came in at $12.6 billion, up 6% year over year.
United Airlines (UAL - Free Report) reported a first-quarter 2024 loss (excluding 23 cents from non-recurring items) of 15 cents per share, narrower than the Zacks Consensus Estimate of 53 cents and improved 76.19% year over year.
Operating revenues of $12.54 billion beat the Zacks Consensus Estimate of $12.43 billion. The top line increased 9.71% year over year due to upbeat air travel demand. Cargo revenues fell 1.8% year over year to $391 million. Revenues from other sources jumped 10.3% year over year to $835 million.
J.B. Hunt Transport Services’ (JBHT - Free Report) first-quarter 2024 earnings per share of $1.22 missed the Zacks Consensus Estimate of $1.53 and declined 35.45% year over year.
Total operating revenues of $2.94 billion lagged the Zacks Consensus Estimate of $3.12 billion and fell 9% year over year. Total operating revenues, excluding fuel surcharge revenues, decreased approximately 6.5% year over year.
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Is a Beat in Store for Expeditors (EXPD) in Q1 Earnings?
Expeditors International of Washington (EXPD - Free Report) is scheduled to report its first-quarter 2024 results on May 7 before market open.
The company has a disappointing earnings history, having missed the Zacks Consensus Estimate in three of the preceding four quarters and surpassing once. The average miss is 3.37%. The Zacks Consensus Estimate for EXPD’s first-quarter 2024 earnings has been revised upward to 2.80% in the past 60 days.
Given this backdrop, let’s see how things have shaped up for Expeditors this earnings season.
The Zacks Consensus Estimate for EXPD’s first-quarter 2024 revenues is pegged at $2.17 billion, which indicates a 16.20% decline year over year. However, Expeditors' strong financial position supports its growth-by-acquisition strategy. Efforts to reward its shareholders also bode well.
Our estimate for first-quarter Airfreight Services revenues is pegged at $680.6 million, which indicates a 24.8% decline from the year-ago reported figure. Revenues from ocean freight and services, customs brokerage and other services are expected to be $468.6 million and $929.8 million, indicating a loss of 32.8% and 6.1% year over year, respectively. EXPD is looking to cut costs to drive the bottom line in this weak demand scenario.
Our estimate for the first-quarter total operating income has decreased 32.3% year over year. The Zacks Consensus Estimate for quarterly earnings is pegged at $1.10 per share, which implies a 24.14% decline from the first-quarter 2023 actuals.
What Our Model Says
Our proven model predicts an earnings beat for EXPD this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is the case here. You can see the complete list of today’s Zacks #1 Rank stocks here.
EXPD has an Earnings ESP of +6.39% and a Zacks Rank #2. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Expeditors International of Washington, Inc. Price and EPS Surprise
Expeditors International of Washington, Inc. price-eps-surprise | Expeditors International of Washington, Inc. Quote
Highlights of Q4
EXPD’s fourth-quarter 2023 earnings per share of $1.09 missed the Zacks Consensus Estimate of $1.21 per share. The bottom line plunged 21% year over year due to volume woes. Total revenues of $2.28 billion beat the Zacks Consensus Estimate of $2.24 billion but declined 33.8% year over year.
Q1 Performances of Other Transportation Companies
Delta Air Lines’ (DAL - Free Report) first-quarter 2024 earnings (excluding 39 cents from non-recurring items) of 45 cents per share comfortably beat the Zacks Consensus Estimate of $0.36 and improved 7.75% year over year.
Revenues of $13.75 billion surpassed the Zacks Consensus Estimate of $12.84 billion and increased 7.75% on a year-over-year basis. Adjusted operating revenues (excluding third-party refinery sales) came in at $12.6 billion, up 6% year over year.
United Airlines (UAL - Free Report) reported a first-quarter 2024 loss (excluding 23 cents from non-recurring items) of 15 cents per share, narrower than the Zacks Consensus Estimate of 53 cents and improved 76.19% year over year.
Operating revenues of $12.54 billion beat the Zacks Consensus Estimate of $12.43 billion. The top line increased 9.71% year over year due to upbeat air travel demand. Cargo revenues fell 1.8% year over year to $391 million. Revenues from other sources jumped 10.3% year over year to $835 million.
J.B. Hunt Transport Services’ (JBHT - Free Report) first-quarter 2024 earnings per share of $1.22 missed the Zacks Consensus Estimate of $1.53 and declined 35.45% year over year.
Total operating revenues of $2.94 billion lagged the Zacks Consensus Estimate of $3.12 billion and fell 9% year over year. Total operating revenues, excluding fuel surcharge revenues, decreased approximately 6.5% year over year.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.