Expeditors International of Washington saw net profit soar 49 percent in the first quarter to $91.2 million as the freight forwarder matched strong improvements in air and ocean shipping volume with sharp improvement in operating margins.
The company’s overall grew 22 percent over the same quarter a year ago to $1.46 billion while net revenue – what Expeditors keeps after direct transportation costs – expanded 25 percent to $453.9 million.
That left the Seattle-based logistics operator with a $147.2 million operating profit, 46 percent better than the first quarter of 2010.
Expeditors Chairman and CEO Peter J. Rose said the “outstanding quarter by every measure” was built on strong gains in business and profit across the company’s global network.
“A focus on strong market share growth and efficient operations has been the solid foundation upon which we continue to build our company,” Rose said.
Air freight showed the strongest gain in Expeditors’ business segments, with tonnage up 16 percent over last year’s first quarter and the company’s yield in the air freight arena growing 1.6 percentage points.