Expeditors Q1 2024 Earnings Report
Key Takeaways
Expeditors International of Washington reported a decrease in first quarter 2024 financial results compared to the same quarter of 2023. EPS decreased 19% to $1.17, net earnings decreased 25% to $169 million, operating income decreased 22% to $215 million, and revenues decreased 15% to $2.2 billion. Airfreight tonnage volume increased 4% and ocean container volume increased 2%.
Diluted EPS decreased 19% to $1.17.
Net earnings attributable to shareholders decreased 25% to $169 million.
Operating income decreased 22% to $215 million.
Revenues decreased 15% to $2.2 billion.
Expeditors
Expeditors
Expeditors Revenue by Segment
Forward Guidance
The company is adjusting to soft rates and volatile demand, focusing on managing costs and investing in strategic growth areas.
Positive Outlook
- Variable compensation structure aligns with performance.
- Headcount reduced by 7% through attrition.
- Investments continue in people, processes, and technology.
- Strategic efforts to explore new areas for profitable growth are underway.
- Generated $257 million in cash flow from operations.
Challenges Ahead
- Industry remains volatile due to global conflicts.
- Stubborn inflation impacts the business.
- Fragile economies create uncertainty.
- Uncertain demand affects performance.
- Growing air and ocean carrier capacity pressures rates.
Revenue & Expenses
Visualization of income flow from segment revenue to net income