Expeditors International of Washington, Inc. (NASDAQ:EXPD) today
announced first quarter 2021 financial results including the
following highlights compared to the same quarter of 2020:
- Diluted Net Earnings Attributable to Shareholders per share
(EPS1) increased 135% to $1.67
- Net Earnings Attributable to Shareholders increased 135% to
$287 million
- Operating Income increased 142% to $386 million
- Revenues increased 77% to $3.4 billion
- Airfreight tonnage volume and ocean container volume both
increased 29%
“Never before in our experience has capacity been so scarce in
both air and ocean at the same time,” said Jeffrey S. Musser,
President and Chief Executive Officer. “As a result, shippers face
unprecedented challenges with their supply chains and we are doing
everything we can to leverage the strength of our carrier
relationships in order to secure space for our customers. During
these times, the strength of our flexible, non-asset-based
operating model is on display. All products performed very well and
we set all-time highs in revenues, operating income and net
earnings. We experienced strong growth in airfreight tonnage and
ocean containers shipped during the quarter, serviced established
customers and on-boarded new business when possible.
“The severity of the ongoing supply/demand imbalance has kept
buy and sell rates elevated and volatile, in both the air and ocean
markets. Ongoing shortages in international air capacity led to
elevated pricing, port congestion, and lack of equipment, which,
coupled with a rapid spike in demand, created ocean trade
disruptions and significant backlogs. These conditions leave
shippers with limited options for getting their products to market.
This is one example of the power of our long history of support for
our carrier partners during both good times and bad. Amidst
persistent disruptions and supply chain realignments, we have
remained highly focused and aware of marketplace shifts, while
working our strong relationships and executing as efficiently as we
ever have to secure precious capacity on behalf of our
customers.
“We expect the operating environment to remain unsettled as long
as constrained capacity and other disruptions, such as port
congestion, the uneven lifting of pandemic-restrictions, and rising
fuel costs continue to impact the movement of freight. History
tells us that the supply/demand imbalance and rate volatility will
stabilize over time. However, if the global response to COVID-19
has taught us anything, it is that conditions can change rapidly in
today’s interconnected marketplace. A year ago, it was nearly
impossible to imagine the impact of what then lay before us, as
economies around the world were shutting down and people were going
into isolation to protect themselves from a deadly new virus. As we
implemented our business continuity plans around the globe, we also
made the decision to invest in our people and not lay off any of
our employees. A year later, we are proud of and grateful to our
entire workforce for their extraordinary dedication and determined
effort to stay safe while delivering the highest level of customer
service.”
Bradley S. Powell, Senior Vice President and Chief Financial
Officer, added, “Despite comparisons to a relatively soft first
quarter a year ago, when the initial disruptions from COVID-19 led
to lower volumes in all products, performance during this latest
quarter was strong all across the Company, including Air, Ocean,
Customs Brokerage, Order Management, Transcon and Distribution. The
majority of our workforce continues to work from remote locations,
even as we slowly and cautiously explore re-opening our offices for
return-to-work in certain countries and locations. While staying
safe remains our top priority, we have continued to enhance our
productivity and generated the best operating efficiency in the
Company’s history. I would continue to caution that we are unable
to predict how ongoing disruptions will affect our future
operations or financial results going forward, and that we do not
expect the current unprecedented operating conditions to persist
long-term. We will continue to make important investments in
people, processes, and technology, as well as to invest in our
strategic efforts to explore new areas for profitable growth.”
Expeditors is a global logistics company headquartered in
Seattle, Washington. The Company employs trained professionals in
176 district offices and numerous branch locations located on six
continents linked into a seamless worldwide network through an
integrated information management system. Services include the
consolidation or forwarding of air and ocean freight, customs
brokerage, vendor consolidation, cargo insurance, time-definite
transportation, order management, warehousing and distribution and
customized logistics solutions.
Expeditors International of Washington,
Inc.
First Quarter 2021 Earnings Release,
May 4, 2021
Financial Highlights for the three
months ended March 31, 2021 and 2020 (Unaudited)
(in 000's of US dollars except per share
data)
Three months ended March
31,
2021
2020
% Change
Revenues
$
3,357,540
$
1,901,864
77
%
Directly related cost of transportation
and
other expenses1
$
2,406,004
$
1,286,728
87
%
Salaries and other operating
expenses2
$
566,021
$
456,081
24
%
Operating income
$
385,515
$
159,055
142
%
Net earnings attributable to
shareholders
$
287,220
$
122,344
135
%
Diluted earnings attributable
to
shareholders per share
$
1.67
$
0.71
135
%
Basic earnings attributable to
shareholders
per share
$
1.70
$
0.73
133
%
Diluted weighted average shares
outstanding
171,551
171,450
Basic weighted average shares
outstanding
169,214
168,735
1Directly related cost of transportation and other expenses
totals Operating Expenses from Airfreight services, Ocean freight
and ocean services and Customs brokerage and other services as
shown in the Condensed Consolidated Statements of Earnings.
2Salaries and other operating expenses totals Salaries and related,
Rent and occupancy, Depreciation and amortization, Selling and
promotion and Other as shown in the Condensed Consolidated
Statements of Earnings
During the three months ended March 31, 2021, we repurchased 0.9
million shares of common stock at an average price of $92.98 per
share. During the three months ended March 31, 2020, we repurchased
4.0 million shares of common stock at an average price of $70.81
per share.
Employee Full-time Equivalents
as of March 31,
2021
2020
North America
6,819
6,848
Europe
3,595
3,430
North Asia
2,379
2,429
South Asia
1,640
1,677
Middle East, Africa and India
1,477
1,536
Latin America
773
848
Information Systems
973
955
Corporate
399
379
Total
18,055
18,102
First quarter
year-over-year
percentage increase
in:
2021
Airfreight
kilos
Ocean freight
FEU
January
23
%
15
%
February
32
%
22
%
March
32
%
54
%
Quarter
29
%
29
%
Investors may submit written questions via e-mail to:
investor@expeditors.com. Questions received by the end of business
on May 7, 2021 will be considered in management's 8-K “Responses to
Selected Questions.”
EXPEDITORS INTERNATIONAL OF
WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance
Sheets
(In thousands, except per share
data)
(Unaudited)
March 31,
2021
December 31,
2020
Assets:
Current Assets:
Cash and cash equivalents
$
1,793,393
$
1,527,791
Accounts receivable, less allowance for
credit loss of
$5,941 at March 31, 2021 and $5,579 at
December 31, 2020
2,227,039
1,998,055
Deferred contract costs
387,845
327,448
Other
85,918
110,250
Total current assets
4,494,195
3,963,544
Property and equipment, less accumulated
depreciation and
amortization of $523,829 at March 31, 2021
and $516,988 at
December 31, 2020
497,376
506,425
Operating lease right-of-use assets
438,667
432,723
Goodwill
7,927
7,927
Other assets, net
16,832
16,884
Total assets
$
5,454,997
$
4,927,503
Liabilities:
Current Liabilities:
Accounts payable
$
1,295,178
$
1,136,859
Accrued expenses, primarily salaries and
related costs
311,767
257,021
Contract liabilities
447,779
379,722
Current portion of operating lease
liabilities
76,128
74,004
Federal, state and foreign income
taxes
64,170
45,437
Total current liabilities
2,195,022
1,893,043
Noncurrent portion of operating lease
liabilities
369,286
364,185
Deferred federal and state income taxes,
net
12,039
7,048
Commitments and contingencies
Shareholders’ Equity:
Preferred stock, none issued
—
—
Common stock, par value $0.01 per share.
Issued and
outstanding: 168,808 shares at March 31,
2021 and 169,294
shares at December 31, 2020
1,688
1,693
Additional paid-in capital
101,269
157,496
Retained earnings
2,887,323
2,600,201
Accumulated other comprehensive loss
(115,486
)
(99,753
)
Total shareholders’ equity
2,874,794
2,659,637
Noncontrolling interest
3,856
3,590
Total equity
2,878,650
2,663,227
Total liabilities and equity
$
5,454,997
$
4,927,503
EXPEDITORS INTERNATIONAL OF
WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements
of Earnings
(In thousands, except per share
data)
(Unaudited)
Three months ended March
31,
2021
2020
Revenues:
Airfreight services
$
1,476,961
$
709,039
Ocean freight and ocean services
958,178
493,427
Customs brokerage and other services
922,401
699,398
Total revenues
3,357,540
1,901,864
Operating Expenses:
Airfreight services
1,105,590
520,169
Ocean freight and ocean services
746,701
366,483
Customs brokerage and other services
553,713
400,076
Salaries and related
452,105
342,040
Rent and occupancy
45,280
42,524
Depreciation and amortization
12,987
12,660
Selling and promotion
3,070
8,243
Other
52,579
50,614
Total operating expenses
2,972,025
1,742,809
Operating income
385,515
159,055
Other Income (Expense):
Interest income
1,946
4,807
Other, net
3,000
3,384
Other income, net
4,946
8,191
Earnings before income taxes
390,461
167,246
Income tax expense
102,511
44,464
Net earnings
287,950
122,782
Less net earnings attributable to the
noncontrolling
interest
730
438
Net earnings attributable to
shareholders
$
287,220
$
122,344
Diluted earnings attributable to
shareholders per share
$
1.67
$
0.71
Basic earnings attributable to
shareholders per share
$
1.70
$
0.73
Weighted average diluted shares
outstanding
171,551
171,450
Weighted average basic shares
outstanding
169,214
168,735
EXPEDITORS INTERNATIONAL OF
WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements
of Cash Flows
(In thousands)
(Unaudited)
Three months ended March
31,
2021
2020
Operating Activities:
Net earnings
$
287,950
$
122,782
Adjustments to reconcile net earnings to
net cash from
operating activities:
Provisions for losses on accounts
receivable
1,199
1,820
Deferred income tax expense (benefit)
8,151
(5,139
)
Stock compensation expense
11,185
11,156
Depreciation and amortization
12,987
12,660
Other, net
551
433
Changes in operating assets and
liabilities:
(Increase) decrease in accounts
receivable
(252,914
)
16,680
Increase in accounts payable and
accrued
expenses
233,153
917
Increase in deferred contract costs
(71,258
)
(16,068
)
Increase in contract liabilities
79,590
21,201
Increase in income taxes payable, net
46,638
10,488
Increase in other, net
(1,488
)
(11,930
)
Net cash from operating activities
355,744
165,000
Investing Activities:
Purchase of property and equipment
(8,391
)
(6,127
)
Other, net
(34
)
(143
)
Net cash from investing activities
(8,425
)
(6,270
)
Financing Activities:
Proceeds from issuance of common stock
19,757
23,399
Repurchases of common stock
(85,997
)
(283,240
)
Payments for taxes related to net share
settlement of equity
awards
(1,275
)
(1,396
)
Net cash from financing activities
(67,515
)
(261,237
)
Effect of exchange rate changes on cash
and cash equivalents
(14,202
)
(16,011
)
Change in cash and cash equivalents
265,602
(118,518
)
Cash and cash equivalents at beginning of
period
1,527,791
1,230,491
Cash and cash equivalents at end of
period
$
1,793,393
$
1,111,973
Taxes Paid:
Income taxes
$
46,607
$
35,304
EXPEDITORS INTERNATIONAL OF
WASHINGTON, INC.
AND SUBSIDIARIES
Business Segment Information
(In thousands)
(Unaudited)
UNITED
STATES
OTHER
NORTH
AMERICA
LATIN
AMERICA
NORTH
ASIA
SOUTH
ASIA
EUROPE
MIDDLE
EAST,
AFRICA
AND
INDIA
ELIMI-
NATIONS
CONSOLI-
DATED
For the three months ended March 31,
2021:
Revenues
$
875,392
94,858
44,864
1,325,621
363,682
493,718
160,609
(1,204
)
3,357,540
Directly related cost of transportation
and
other expenses1
$
502,637
53,791
26,700
1,084,102
283,860
334,294
121,212
(592
)
2,406,004
Salaries and other operating expenses2
$
238,698
25,737
12,377
106,920
43,165
109,455
30,275
(606
)
566,021
Operating income
$
134,057
15,330
5,787
134,599
36,657
49,969
9,122
(6
)
385,515
Identifiable assets at period end
$
2,747,984
194,050
93,072
988,954
331,271
853,944
265,495
(19,773
)
5,454,997
Capital expenditures
$
3,025
122
53
357
579
3,554
701
—
8,391
Equity
$
1,985,265
73,066
32,632
342,233
148,293
218,198
121,040
(42,077
)
2,878,650
For the three months ended March 31,
2020:
Revenues
$
650,407
81,831
37,890
537,955
169,042
320,640
105,039
(940
)
1,901,864
Directly related cost of transportation
and
other expenses1
$
373,961
45,890
23,765
425,301
121,282
221,998
74,976
(445
)
1,286,728
Salaries and other operating expenses2
$
225,944
23,712
11,749
57,433
29,908
81,854
25,950
(469
)
456,081
Operating income
$
50,502
12,229
2,376
55,221
17,852
16,788
4,113
(26
)
159,055
Identifiable assets at period end
$
1,858,250
135,810
68,402
512,808
179,508
554,831
200,382
(24
)
3,509,967
Capital expenditures
$
4,497
61
102
325
188
645
309
—
6,127
Equity
$
1,369,580
63,378
28,020
237,255
102,001
159,222
113,349
(35,660
)
2,037,145
1Directly related cost of transportation and other expenses
totals Operating Expenses from Airfreight services, Ocean freight
and ocean services and Customs brokerage and other services as
shown in the Condensed Consolidated Statements of Earnings.
2Salaries and other operating expenses totals Salaries and related,
Rent and occupancy, Depreciation and amortization, Selling and
promotion and Other as shown in the Condensed Consolidated
Statements of Earnings.
The Company’s consolidated financial results in the three months
ended March 31, 2021 and 2020 were each significantly impacted by
the effects of the global pandemic in divergent ways. In the first
quarter of 2021, the Company experienced strong volumes and high
sell and buy rates as a result of imbalances between demand and
carrier capacity and continuing effects of disruptions in supply
chains originating in measures to combat the pandemic in 2020. This
is in contrast with slower activity in North Asia in the first
quarter of 2020 as the pandemic resulted in temporary closures and
limited operations in the Company’s China offices. Shipments were
also rerouted or delayed by customers and service providers as they
were taking their own precautionary measures. These impacts are
affecting all of the Company’s geographical segments and most
notably the year-over-year comparability of the North Asia segment.
In the first quarter of 2021, the People's Republic of China,
including Hong Kong, represented 32% and 27%, respectively, of the
Company’s total revenues and total operating income, whereas in the
first quarter of 2020 it represented 23% and 25%, respectively.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210504005308/en/
Jeffrey S. Musser President and Chief Executive Officer (206)
674-3433
Bradley S. Powell Senior Vice President and Chief Financial
Officer (206) 674-3412
Geoffrey Buscher Director - Investor Relations (206)
892-4510
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