Expeditors International of Washington

Expeditors (EXPD) Q1 Earnings Lag Estimates, Revenues Beat

Expeditors International of Washington EXPD  posted mixed results in the in the first quarter of 2019. The company reported better-than-expected revenues but lower-than-expected earnings per share.

The company’s earnings of 80 cents per share fell short of the Zacks Consensus Estimate by 5 cents. However, the bottom line increased on a year-over-year basis. The year over year improvement was owing to higher revenues and a lower effective tax rate. Effective tax rate declined to 28.3% in the reported quarter from 31.1% a year-ago.

Revenues came in at $2.02 billion outpacing the Zacks Consensus Estimate of $1.96 billion. The top line improved 9% from the year-ago figure. Volumes with respect to airfreight tonnage decreased 4% while ocean container volumes increased 6% on a year-over-year basis.

Gross profit (net revenues) increased 3% year over year in the first quarter of 2019 to $654 million. Gross margin (yield) came in at 32.4% compared with 34.3% in the year-ago quarter.

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https://finance.yahoo.com/news/expeditor...02080.html