Expeditors International of Washington, Inc. (NASDAQ:EXPD) today
announced quarterly net earnings attributable to shareholders of
$96,105,000 for the third quarter of 2010, as compared with
$57,752,000 for the same quarter of 2009, an increase of 66%. Net
revenues for the third quarter of 2010 increased 32% to
$458,743,000 as compared with $346,512,000 reported for the third
quarter of 2009. Total revenues and operating income were
$1,667,559,000 and $159,621,000 in 2010, as compared with
$1,037,327,000 and $96,246,000 for the same quarter of 2009,
increases of 61% and 66%, respectively. Diluted net earnings
attributable to shareholders per share for the third quarter of
2010 were $.44, as compared with $.27 for the same quarter in 2009,
an increase of 63%.
For the nine months ended September 30, 2010, net earnings
attributable to shareholders was $247,670,000, as compared with
$171,082,000 in 2009, an increase of 45%. Net revenues for the nine
months increased to $1,239,424,000 from $1,013,074,000 for 2009, up
22%. Total revenues and operating income for the nine months were
$4,385,438,000 and $398,658,000 in 2010, as compared with
$2,845,372,000 and $274,647,000 for the same period in 2009,
increases of 54% and 45%, respectively. Diluted net earnings
attributable to shareholders per share for the first three quarters
of 2010 were $1.14, as compared with $.79 for the same period of
2009, an increase of 44%.
“Sometimes even the word ‘Wow!’ would be a classical
understatement. After last year, we had hoped 2010 would be a
stronger year, but having operating income be up 66% and 18% over
the 2009 and 2008 third quarters, respectively, is way beyond
anything we would have dared to predict 12 months ago,” said Peter
J. Rose, Chairman and Chief Executive Officer. “It is particularly
reassuring when market share gains made when volumes were down
actually show up en masse when the market turns. To paraphrase an
old adage, ‘You can tell a Company by who their employees,
customers and service providers are.’…and we certainly are
fortunate to have a great cadre of all three. We continue to be
very grateful to them all. At the end of the day, this business is
about people. We think these results illustrate why we are so
confident that we have the very best,” Rose continued.
“The thing we’ve been most impressed with internally is how
productivity measures and efficiency gains have helped us absorb
these large increases in business volumes. Operating income as a
percentage of net revenue was at a record high for us this
quarter,” Rose commented. “We couldn’t be more proud of the
ingenuity and the commitment to operational excellence and customer
service that was shown by our people. This is something we feel is
truly significant to who we are and what we try to accomplish. As
we move forward, we will continue to focus on the basics that we’ve
always relied on to keep us grounded, even through the tough times:
flawless customer service, effective sales, seamless execution and
comprehensive compliance. Those are our objectives, and this year,
so far at least, we seem to be doing just fine,” Rose
concluded.
Expeditors is a global logistics company headquartered in
Seattle, Washington. The company employs trained professionals in
183 full-service offices, 65 satellite locations and 2
international service centers located on six continents linked into
a seamless worldwide network through an integrated information
management system. Services include air and ocean freight
forwarding, vendor consolidation, customs clearance, marine
insurance, distribution and other value added international
logistics services.
____________________________
1 Diluted earnings attributable to shareholders per share.NOTE:
See Disclaimer on Forward-Looking Statements on the following page
of this release.
Expeditors International of Washington,
Inc.
Financial Highlights
Three months and Nine months
ended
September 30, 2010 and 2009
(Unaudited)
(in 000's except share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2010
2009
%
Increase
2010
2009
%
Increase
Revenues $ 1,667,559 $ 1,037,327 61 % $ 4,385,438 $ 2,845,372 54 %
Net revenues $ 458,743 $ 346,512 32 % $ 1,239,424 $ 1,013,074 22 %
Operating income $ 159,621 $ 96,246 66 % $ 398,658 $ 274,647 45 %
Net earnings attributable to shareholders $ 96,105 $ 57,752 66 % $
247,670 $ 171,082 45 % Diluted earnings attributable to
shareholders $ .44 $ .27 63 % $ 1.14 $ .79 44 % Basic earnings
attributable to shareholders $ .45 $ .27 67 % $ 1.17 $ .81 44 %
Weighted average diluted shares outstanding
216,342,380
216,684,079
216,497,838
216,582,370
Weighted average basic shares outstanding
212,392,286
212,241,480
212,306,521
212,153,404
Percentage increases in same store net revenue and operating
income were approximately the same as amounts reported above.
During the third quarter of 2010, the Company did not open or
close any offices.
Investors may submit written questions via
e-mail to: investor@expeditors.comOr by fax to:
206-674-3459
Questions received by the end of business on
November 5, 2010, will be considered in management’s 8-K “Responses
to Selected Questions” expected to be filed on or about November
29, 2010.
Disclaimer on Forward-Looking
Statements:
Certain portions of this release contain forward-looking
statements which are based on certain assumptions and expectations
of future events that are subject to risks and uncertainties,
including comments on economic trends, improving business climate,
positive trends in business volumes, ability to improve
productivity and acquire market share. Actual future results and
trends may differ materially from historical results or those
projected in any forward-looking statements depending on a variety
of factors, including, but not limited to, our ability to maintain
consistent and stable operating results, future success of our
business model, ability to perpetuate profits, changes in customer
demand for Expeditors’ services caused by a general economic
slow-down, customers’ inventory build-up, decreased consumer
confidence, volatility in equity markets, energy prices, political
changes, regulatory changes or the unpredictable acts of
competitors and other risks, risk factors and uncertainties
detailed in our Annual and Quarterly Reports filed with the
Securities and Exchange Commission.
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND
SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands,
except share data) (Unaudited) September 30, December
31,
Assets
2010 2009
Current assets: Cash and cash
equivalents $ 1,057,226 $ 925,929 Short-term investments 601 655
Accounts receivable, net 1,082,733 810,369 Deferred Federal and
state income taxes 8,325 8,338 Other current assets 34,760
42,539 Total current assets 2,183,645
1,787,830 Property and equipment, net 493,046 495,701
Goodwill, net 7,927 7,927 Other intangibles, net 3,965 4,938 Other
assets, net 27,600 27,326 $ 2,716,183 $ 2,323,722
Liabilities and
Equity
Current liabilities: Accounts payable 700,585 546,675
Accrued expenses, primarily salaries and related costs 188,919
145,545 Federal, state and foreign income taxes 31,761
16,166 Total current liabilities 921,265
708,386 Deferred Federal and state income taxes 58,800
53,989 Commitments and contingencies
Shareholders'
equity: Preferred stock; none issued -- -- Common stock, par
value $.01 per share; issued and
outstanding 212,090,154 shares at
September 30, 2010,
and 212,025,494 shares at December 31, 2009 2,121 2,120 Additional
paid-in capital 5,823 18,265 Retained earnings 1,715,876 1,532,018
Accumulated other comprehensive income 4,802 604
Total shareholders' equity 1,728,622 1,553,007
Noncontrolling interest 7,496 8,340 Total equity
1,736,118 1,561,347 $ 2,716,183 $
2,323,722 EXPEDITORS
INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES Condensed
Consolidated Statements of Earnings (In thousands, except share
data) (Unaudited) Three months ended Nine months
ended September 30, September 30, 2010 2009
2010 2009
Revenues:
Airfreight services $ 751,555 $ 457,405 $ 2,043,819 $ 1,203,220
Ocean freight and ocean services 599,280 331,454 1,474,137 949,380
Customs brokerage and other services 316,724
248,468 867,482 692,772 Total
revenues 1,667,559 1,037,327
4,385,438 2,845,372
Operating
expenses: Airfreight consolidation 578,924 340,746 1,577,289
848,131 Ocean freight consolidation 488,808 247,733 1,190,627
704,850 Customs brokerage and other services 141,084 102,336
378,098 279,317 Salaries and related costs 235,357 194,743 656,310
571,517 Rent and occupancy costs 19,295 18,183 57,221 54,861
Depreciation and amortization 9,085 9,923 27,590 30,125 Selling and
promotion 7,877 6,541 22,462 18,310 Other 27,508
20,876 77,183 63,614
Total operating expenses 1,507,938 941,081
3,986,780 2,570,725
Operating income 159,621 96,246
398,658 274,647 Interest income 1,679
2,214 4,938 8,253 Interest expense (140 ) (325 ) (378 ) (404 )
Other, net (1,666 ) 1,192 9,231
7,826 Other income, net (127 ) 3,081
13,791 15,675 Earnings
before income taxes 159,494 99,327 412,449 290,322 Income
tax expense 63,456 41,763 164,692 119,575
Net earnings 96,038 57,564
247,757 170,747 Less: net
earnings attributable to noncontrolling interest (67 ) (188 ) 87
(335 ) Net earnings attributable to
shareholders $ 96,105 $ 57,752 $ 247,670 $
171,082 Diluted earnings attributable to shareholders
per share $ 0.44 $ 0.27 $ 1.14 $ 0.79
Basic earnings attributable to shareholders per share $ 0.45
$ 0.27 $ 1.17 $ 0.81 Dividends
declared and paid per common share $ - $ - $ 0.20
$ 0.19 Weighted average diluted shares
outstanding 216,342,380 216,684,079
216,497,838 216,582,370 Weighted
average basic shares outstanding 212,392,286
212,241,480 212,306,521 212,153,404
EXPEDITORS
INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES Condensed
Consolidated Statements of Cash Flows (In thousands) (Unaudited)
Three months ended Nine months ended September 30,
September 30, 2010 2009 2010 2009
Operating Activities: Net
earnings $ 96,038 $ 57,564 $ 247,757 $ 170,747 Adjustments to
reconcile net earnings to net cash provided by operating
activities: Provision for losses on accounts receivable
1,284 (778 ) 3,109 791 Deferred income tax (benefit) expense (565 )
(6,701 ) 2,521 (12,945 ) Excess tax benefits from stock plans
(3,470 ) (246 ) (11,589 ) (5,381 ) Stock compensation expense
10,846 10,794 33,047 29,065 Depreciation and amortization 9,085
9,923 27,590 30,125 Gain (loss) on sale of assets (57 ) 8 (461 ) (2
) Other 387 365 1,232 1,092 Changes in operating assets and
liabilities: (Increase) decrease in accounts receivable (34,203 )
(94,025 ) (266,770 ) 120,318 Increase in other current assets
(4,095 ) (803 ) (2,959 ) (2,126 )
Increase (decrease) in accounts payable
and accrued expenses
25,330 71,711 190,440 (28,788 ) Increase (decrease) in income taxes
payable, net 12,438 (5,350 ) 36,770
(3,066 ) Net cash provided by operating activities
113,018 42,462 260,687
299,830
Investing Activities: Decrease
in short-term investments 137 17 107 48 Purchase of property and
equipment (10,953 ) (9,514 ) (26,653 ) (25,336 ) Proceeds from sale
of property and equipment 98 48 268 125 Prepayment on long-term
land lease - (1,898 ) - (9,242 ) Other 1,208
438 313 (1,153 ) Net cash used in
investing activities (9,510 ) (10,909 )
(25,965 ) (35,558 )
Financing Activities:
Proceeds from issuance of common stock 37,718 25,107 60,958 42,511
Repurchases of common stock (67,782 ) (34,103 ) (139,450 ) (77,075
) Excess tax benefits from stock plans 3,470 246 11,589 5,381
Dividends paid - - (42,397 ) (40,276 ) Distributions to
noncontrolling interest (963 ) (1,009 ) (963 ) (1,009 ) Purchase of
noncontrolling interest - - -
(2,122 ) Net cash used in financing activities
(27,557 ) (9,759 ) (110,263 ) (72,590 )
Effect of exchange rate changes on cash and cash equivalents
20,975 9,493 6,838 14,559
Increase in cash and cash equivalents 96,926 31,287
131,297 206,241 Cash and cash equivalents at beginning of
period 960,300 915,982 925,929
741,028 Cash and cash equivalents at
end of period $ 1,057,226 $ 947,269 $ 1,057,226
$ 947,269
Interest and taxes paid:
Interest $ 140 317 $ 379 397 Income taxes 52,407 46,607 129,249
121,717
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND
SUBSIDIARIES Business Segment Information (In thousands)
(Unaudited) Other Europe United North Latin and
Middle East Austral- Elimi- Consoli- States America America Asia
Africa and India asia nations dated
Three months ended
September 30, 2010 Revenues from unaffiliated customers $
361,120 43,380 20,400 947,751 190,350 83,451 21,107 1,667,559
Transfers between geographic areas 28,571 3,567 4,190 6,118
11,045 4,448 2,475 (60,414 ) - Total revenues $ 389,691 46,947
24,590 953,869 201,395 87,899 23,582 (60,414 ) 1,667,559 Net
revenues $ 179,290 20,911 13,181 140,715 68,158 23,962 12,526
458,743 Operating income $ 61,735 6,846 3,837 60,299 17,128 6,029
3,747 159,621 Identifiable assets $ 1,437,318 78,347 48,887 532,736
433,020 139,478 41,328 5,069 2,716,183 Capital expenditures $ 5,297
92 354 1,502 2,963 394 351 10,953 Depreciation and amortization $
4,882 316 223 1,708 1,184 609 163 9,085 Equity $ 1,121,817 40,708
23,974 318,005 155,428 80,774 28,205 (32,793 ) 1,736,118
Three months ended September 30, 2009 Revenues from
unaffiliated customers $ 246,066 32,214 16,552 516,897 147,354
60,269 17,975 1,037,327 Transfers between geographic areas
18,293 1,716 3,461 4,227 6,487 3,738 2,595 (40,517 ) - Total
revenues $ 264,359 33,930 20,013 521,124 153,841 64,007 20,570
(40,517 ) 1,037,327 Net revenues $ 139,232 16,667 10,960
89,490 57,857 20,771 11,535 346,512 Operating income $ 37,502 4,090
2,611 33,303 9,650 5,424 3,666 96,246 Identifiable assets $
1,135,327 73,500 37,216 435,584 376,050 121,079 35,518 2,613
2,216,887 Capital expenditures $ 7,656 186 171 248 506 588 159
9,514 Depreciation and amortization $ 5,048 358 245 1,868 1,593 646
165 9,923 Equity $ 964,177 44,455 14,982 290,779 137,278 70,531
22,487 (24,734 ) 1,519,955
Nine months ended
September 30, 2010 Revenues from unaffiliated customers $
979,675 120,667 55,317 2,422,208 525,064 222,599 59,908 4,385,438
Transfers between geographic areas 72,743 7,722 12,082
16,468 29,407 11,918 7,393 (157,733 ) - Total revenues $ 1,052,418
128,389 67,399 2,438,676 554,471 234,517 67,301 (157,733 )
4,385,438 Net revenues $ 489,231 56,757 37,428 361,512
192,135 66,195 36,166 1,239,424 Operating income $ 152,425 16,317
11,155 148,652 43,870 15,953 10,286 398,658 Identifiable assets $
1,437,318 78,347 48,887 532,736 433,020 139,478 41,328 5,069
2,716,183 Capital expenditures $ 13,137 417 988 3,513 6,415 1,729
454 26,653 Depreciation and amortization $ 14,753 1,023 639 5,112
3,721 1,828 514 27,590 Equity $ 1,121,817 40,708 23,974 318,005
155,428 80,774 28,205 (32,793 ) 1,736,118
Nine months
ended September 30, 2009 Revenues from unaffiliated
customers $ 704,962 91,482 47,486 1,373,093 415,479 167,848 45,022
2,845,372 Transfers between geographic areas 54,847 5,340
9,972 11,863 19,086 11,005 7,448 (119,561 ) - Total revenues $
759,809 96,822 57,458 1,384,956 434,565 178,853 52,470 (119,561 )
2,845,372 Net revenues $ 399,614 47,718 32,645 275,680
165,623 61,229 30,565 1,013,074 Operating income $ 95,483 11,512
8,691 107,424 26,417 15,362 9,758 274,647 Identifiable assets $
1,135,327 73,500 37,216 435,584 376,050 121,079 35,518 2,613
2,216,887 Capital expenditures $ 19,268 477 582 1,259 1,847 1,486
417 25,336 Depreciation and amortization $ 15,828 1,031 729 5,714
4,490 1,860 473 30,125 Equity $ 964,177 44,455 14,982 290,779
137,278 70,531 22,487 (24,734 ) 1,519,955
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