Expeditors International of Washington’s (EXPD - Free Report) third-quarter 2019 earnings of 92 cents per share surpassed the Zacks Consensus Estimate of 90 cents. Meanwhile, the bottom line was flat on a year-over-year basis. Following this earnings outperformance, shares of the company were up in early trading.
However, total revenues of $2.07 billion missed the Zacks Consensus Estimate of $2.15 billion and also dipped 1% year over year. Volumes with respect to airfreight tonnage and ocean container contracted 7% and 2%, respectively, year over year.
Gross profit (net revenues) inched up nearly 2% year over year to $674.36 million. Gross margin (yield) came in at 32.5% compared with 31.6% in the year-ago quarter.
As of Sep 30, 2019, this Zacks Rank #3 (Hold) company repurchased 4.1 million shares at an average price of $72.6 per share. The company exited the quarter with cash and cash equivalents of $1.22 billion compared with $923.74 million at the end of 2018. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Airfreight Services revenues declined 14.1% year over year to $715.45 million in the third quarter. Ocean Freight and Ocean Services revenues also decreased slightly to $585.37 million. However, Customs Brokerage and Other Services revenues rose 15.2% year over year to approximately $774.03 million.
Investors interested in the Zacks Transportation sector are awaiting third-quarter earnings reports from players like Air Lease Corp. (AL - Free Report) , Copa Holdings (CPA - Free Report) and Golar LNG (GLNG - Free Report) . While Air Lease and Copa Holdings will release third-quarter results on Nov 7 and Nov 13, respectively, Golar LNG will announce the same on Nov 26.
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