Expeditors International of Washington, Inc. (EXPD - Free Report) performed impressively in the second quarter of 2018, reporting better-than-expected earnings and revenues.
The company’s earnings of 79 cents per share, surpassed the Zacks Consensus Estimate by a penny. Also, the bottom line increased more than 31% on a year-over-year basis. Results were aided by higher revenues.
Revenues came in at $1,957.6 million outpacing the Zacks Consensus Estimate of $1,947.6 million. The top line improved 17% from the year-ago figure.
Growth was witnessed across all major divisions of the company. Volumes with respect to airfreight tonnage and ocean container increased 4% and 1%, respectively, on a year-over-year basis.
Gross profit (net revenues) increased 14% year over year in the second quarter of 2018 to $642.55 million. Gross margin (yield) came in at 32.8% compared with 33.7% in the year-ago quarter.
In the second quarter, the company repurchased 3.1 million shares at an average price of $76.22 per share. This Zacks Rank #2 (Buy) company exited the quarter with cash and cash equivalents of $1.02 billion compared with $1.05 billion at the end of 2017. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Airfreight Services revenues improved 19.3% year over year to $801.76 million in the second quarter. Ocean Freight and Ocean Services revenues increased marginally to $530 million. Customs Brokerage and Other Services revenues increased 32.63 % year over year to approximately $625.79 million.
Investors interested in the broader Transportation Sector are keenly awaiting second-quarter earnings reports from key players like Copa Holdings, S.A. (CPA - Free Report) , Fly Leasing Limited ( (FLY - Free Report) and Frontline Ltd. ( (FRO - Free Report) . Copa Holdings will release results on Aug 8. Fly Leasing Limited and Frontline will announce the same on Aug 23 and Aug 31, respectively.
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