Expeditors Announces 46% First Quarter Operating Income Increase

Expeditors International of Washington, Inc. (NASDAQ: EXPD) today announced net earnings attributable to shareholders of $91,232,000 for the first quarter of 2011, as compared with $61,247,000 for the same quarter of 2010, an increase of 49%. Net revenues for the first quarter increased 25% to $453,915,000 as compared with $361,823,000 reported for the first quarter of 2010. Total revenues and operating income were $1,460,848,000 and $147,230,000 for the first quarter of 2011, as compared with $1,201,109,000 and $100,541,000 for the same quarter of 2010, increases of 22% and 46%, respectively. Diluted net earnings attributable to shareholders per share for the first quarter were $.42 as compared with $.28 for the same quarter in 2010, an increase of 50%. The Company also reported that same store net revenues and operating income increased 25% and 46%, respectively, during the first quarter of 2011, as compared with the same period in 2010.

“We should start off by acknowledging that this was an outstanding quarter by every measure. We always like to point out that it is our people, working in concert with our service providers, who really make this happen, and it is our customers who have given us the opportunities. We’re grateful to all of them. The most remarkable thing to us about this 2011 first quarter was the strong across the board operating income growth. All of our geographic operating segments made outstanding contributions. We think this means that we must be doing something right, not just in a few offices, but throughout our global network,” said Peter J. Rose, Chairman and Chief Executive Officer. “We were also impressed with the extent that productivity initiatives continue to benefit our operating income growth. A focus on strong market share growth and efficient operations has been the solid foundation upon which we continue to build our company,” Rose went on to say.

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