Expeditors Outperforms, Profit Ups - Analyst Blog
Expeditors International of
Washington Inc. (EXPD), a third-party logistics provider,
reported robust growth in first quarter 2011. Adjusted earnings
were 42 cents per share, ahead of the Zacks Consensus Estimate of
37 cents. Earnings per share shot up 50% from 28 cents in the
year-earlier quarter on strong growth across all segments owing to
market share gains.
Net income attributable to
shareholders jumped 49% year over year to $91.2 million in the
reported quarter.
Total revenue increased year over
year to $1.5 billion, surpassing the Zacks Consensus Estimate of
$1.4 billion on growing market share.
On a year-over-year basis, revenues
in United States, Other North America, Latin America, Asia, Europe
and Africa, Middle East and India, increased 31.2%, 24.3%, 30.0%,
14.4%, 32.1% and 22.8%, respectively.
Gross profit increased 25% year
over year to $453.9 million, resulting in gross margin (yield) of
31.1%, up from 30.1% in the year-ago quarter.
Operating income climbed 46% year
over year to $147.2 million and operating expenses increased 19.4%
year over year to $1.3 billion in the reported quarter. The
whopping growth in the operating income signifies operating
efficiency and strong cost control measures undertaken by the
company.
Revenue
Segments
Airfreight
Services revenue leaped 25.3% year over year to $701
million in the first quarter.
Ocean Freight and Ocean
Services revenue grew 15.4% year over year to $440
million.
Customs Brokerage and
Other Services revenues climbed 22.8% year over year
to $320 million.
Liquidity
Expeditors’ balance sheet remained
solid with no debt and $1.2 billion in cash and cash equivalents at
the end of first quarter, up from $1.1 billion at year-end
2010.
Our Analysis
We believe Expeditors is focused on
gaining market share as well as increasing operational efficiency.
The company’s strong balance sheet with no debt is encouraging and
provides flexibility for internal growth. Over the long term,
Expeditors is expected to expand its international operations and
is investing in new opportunities and services.
However, the company’s dependence
on asset-based transportation providers may hinder its
profitability in the long term. Additionally, it might encounter
competitive threats from companies like United Parcel
Service Inc. (UPS), which provides logistic services.
Hence, we are currently maintaining our long-term Neutral
recommendation on Expeditors International with a Zacks # 2 (Buy)
Rank.
EXPEDITORS INTL (EXPD): Free Stock Analysis Report
UTD PARCEL SRVC (UPS): Free Stock Analysis Report
Zacks Investment Research
Expeditors International... (NASDAQ:EXPD)
過去 株価チャート
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Expeditors International... (NASDAQ:EXPD)
過去 株価チャート
から 7 2023 まで 7 2024