Expeditors International of Washington Inc.'s (EXPD)
third-quarter profit jumped 66% as the freight forwarder reported
higher across-the-board revenue, helping results top
expectations.
Shares rose 0.4% to $49.95 in premarket trading. The stock is up
43% this year through Monday's close.
The company's results were the latest to show the transport
sector continues to rebound from last year's moribund levels, as
the U.S. economic recovery continues.
Expeditors posted a profit of $96 million, or 44 cents a share,
up from $57.8 million, or 27 cents a share, a year earlier. Total
revenue surged 61% to $1.67 billion, rebounding from a 34% decline
a year ago.
Analysts surveyed by Thomson Reuters expected a profit of 42
cents on revenue of $1.61 billion.
The airfreight services business, the largest by revenue, saw
revenue climbed 64%. Ocean freight and services revenue increased
81%.
Revenue in Asia, the largest geographic segment, surged 83% as
U.S. revenue was up 47%.
-By John Kell, Dow Jones Newswires; 212-416-2480;
john.kell@dowjones.com