Quarterly, Annual Profits Decline at Expeditors International

Quarterly, Annual Profits Decline at Expeditors International

Expeditors International of Washington today reported net earnings attributable to shareholders in the fourth quarter of 2012 was $84.21 million, falling 9 percent from $92.84 million in the fourth quarter of 2011.

Quarterly revenue was $1.53 billion, a slight increase of 2 percent from $1.50 billion in the same quarter in the previous year.

For the full year of 2012, net earnings attributable to shareholders dropped 14 percent from $618.33 million in 2011 to $530.80 million in 2012. Annual revenue was $5.98 billion, down 3 percent year-over-year from $6.15 billion.

“We obviously would have liked better results for the annual 2012 and fourth quarter, not withstanding 2012 was our third most profitable year on record,” said Peter J. Rose, chairman and CEO of the Seattle-based logistics company, in a written statement. The decreases were driven primarily by air carriers reducing capacity to optimize pricing and load factors as markets declined, he added.