We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Expeditors' (EXPD) Q1 Earnings & Revenues Beat, Down Y/Y
Read MoreHide Full Article
Expeditors International of Washington’s (EXPD - Free Report) first-quarter 2024 earnings of $1.17 per share beat the Zacks Consensus Estimate of $1.10. The bottom line plunged 19% year over year due to volume woes. Total revenues of $2,206.67 million beat the Zacks Consensus Estimate of $2,172 million but declined 15% year over year.
Airfreight tonnage and ocean container volumes surged 4% and 2%, respectively. We had expected airfreight tonnage and ocean container volumes to decline 6.7% and 8%, respectively, from first-quarter 2023 actuals.
Operating income fell 22% year over year to $214.77 million. Total operating expenses fell 14% to $1.99 billion.
Airfreight Services revenues tumbled 16.1% year over year to $759.37 million in the first quarter of 2024. Ocean freight and ocean services revenues decreased 18.1% to $570.78 million. Customs Brokerage and other services revenues fell 11.5% year over year to $876.51 million.
In the first quarter of 2024, Expeditors repurchased 3 million shares at an average price of $120.17 per share.
EXPD exited the first quarter of 2024 with cash and cash equivalents of $1.37 billion compared with $1.51 billion at the prior-quarter end.
Expeditors International of Washington, Inc. Price, Consensus and EPS Surprise
Delta Air Lines (DAL - Free Report) reported first-quarter 2024 earnings (excluding 39 cents from non-recurring items) of 45 cents per share, which comfortably beat the Zacks Consensus Estimate of 36 cents. Earnings increased 80% on a year-over-year basis.
Revenues of $13.75 billion surpassed the Zacks Consensus Estimate of $12.84 billion and increased 7.75% on a year-over-year basis, driven by strong air-travel demand. Adjusted operating revenues (excluding third-party refinery sales) came in at $12.56 billion, up 6% year over year.
United Airlines Holdings, Inc.(UAL - Free Report) reported first-quarter 2024 loss per share (excluding 23 cents from non-recurring items) of 15 cents, which was narrower than the Zacks Consensus Estimate of a loss of 53 cents. In the year-ago reported quarter, UAL reported a loss of 63 cents per share.
Operating revenues of $12,539 million beat the Zacks Consensus Estimate of $12,428.4 million. The top line increased 9.7% year over year due to upbeat air-travel demand. This was driven by a 10.1% rise in passenger revenues (accounting for 90.2% of the top line) to $11,313 million. Almost 39,325 passengers traveled on UAL flights in the first quarter, up 6.8% year over year.
J.B. Hunt Transport Services, Inc.’s (JBHT - Free Report) first-quarter 2024 earnings of $1.22 per share missed the Zacks Consensus Estimate of $1.53 and declined 35.5% year over year.
JBHT’s total operating revenues of $2,944 million missed the Zacks Consensus Estimate of $3,117.1 million and fell 8.8% year over year. Total operating revenues, excluding fuel surcharge revenue, fell 7% year over year. The downfall was owing to a 9% decrease in segment gross revenue per load in both Intermodal (JBI) and Truckload (JBT), 22% fewer loads in Integrated Capacity Solution (ICS), and a modest decline in average trucks and productivity in Dedicated Contract Services (DCS). Revenue declines in JBI, ICS, JBT and DCS were partially offset by Final Mile Services (FMS) revenue growth of 2%, primarily driven by new contracts implemented over the past year.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Shutterstock
Expeditors' (EXPD) Q1 Earnings & Revenues Beat, Down Y/Y
Expeditors International of Washington’s (EXPD - Free Report) first-quarter 2024 earnings of $1.17 per share beat the Zacks Consensus Estimate of $1.10. The bottom line plunged 19% year over year due to volume woes. Total revenues of $2,206.67 million beat the Zacks Consensus Estimate of $2,172 million but declined 15% year over year.
Airfreight tonnage and ocean container volumes surged 4% and 2%, respectively. We had expected airfreight tonnage and ocean container volumes to decline 6.7% and 8%, respectively, from first-quarter 2023 actuals.
Operating income fell 22% year over year to $214.77 million. Total operating expenses fell 14% to $1.99 billion.
Airfreight Services revenues tumbled 16.1% year over year to $759.37 million in the first quarter of 2024. Ocean freight and ocean services revenues decreased 18.1% to $570.78 million. Customs Brokerage and other services revenues fell 11.5% year over year to $876.51 million.
In the first quarter of 2024, Expeditors repurchased 3 million shares at an average price of $120.17 per share.
EXPD exited the first quarter of 2024 with cash and cash equivalents of $1.37 billion compared with $1.51 billion at the prior-quarter end.
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
Currently, Expeditors carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Performances of Other Transportation Companies
Delta Air Lines (DAL - Free Report) reported first-quarter 2024 earnings (excluding 39 cents from non-recurring items) of 45 cents per share, which comfortably beat the Zacks Consensus Estimate of 36 cents. Earnings increased 80% on a year-over-year basis.
Revenues of $13.75 billion surpassed the Zacks Consensus Estimate of $12.84 billion and increased 7.75% on a year-over-year basis, driven by strong air-travel demand. Adjusted operating revenues (excluding third-party refinery sales) came in at $12.56 billion, up 6% year over year.
United Airlines Holdings, Inc.(UAL - Free Report) reported first-quarter 2024 loss per share (excluding 23 cents from non-recurring items) of 15 cents, which was narrower than the Zacks Consensus Estimate of a loss of 53 cents. In the year-ago reported quarter, UAL reported a loss of 63 cents per share.
Operating revenues of $12,539 million beat the Zacks Consensus Estimate of $12,428.4 million. The top line increased 9.7% year over year due to upbeat air-travel demand. This was driven by a 10.1% rise in passenger revenues (accounting for 90.2% of the top line) to $11,313 million. Almost 39,325 passengers traveled on UAL flights in the first quarter, up 6.8% year over year.
J.B. Hunt Transport Services, Inc.’s (JBHT - Free Report) first-quarter 2024 earnings of $1.22 per share missed the Zacks Consensus Estimate of $1.53 and declined 35.5% year over year.
JBHT’s total operating revenues of $2,944 million missed the Zacks Consensus Estimate of $3,117.1 million and fell 8.8% year over year. Total operating revenues, excluding fuel surcharge revenue, fell 7% year over year. The downfall was owing to a 9% decrease in segment gross revenue per load in both Intermodal (JBI) and Truckload (JBT), 22% fewer loads in Integrated Capacity Solution (ICS), and a modest decline in average trucks and productivity in Dedicated Contract Services (DCS). Revenue declines in JBI, ICS, JBT and DCS were partially offset by Final Mile Services (FMS) revenue growth of 2%, primarily driven by new contracts implemented over the past year.