Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced record net earnings attributable to shareholders of $95,000,000 for the second quarter of 2011, as compared with $90,318,000 for the same quarter of 2010, an increase of 5%. Net revenues for the second quarter of 2011 increased 13% to $472,561,000 as compared with $418,858,000 reported for the second quarter of 2010. Total revenues and operating income were $1,581,368,000 and $152,275,000 in 2011, as compared with $1,516,770,000 and $138,496,000 for the same quarter of 2010, increases of 4% and 10%, respectively. Diluted net earnings attributable to shareholders per share for the second quarter were $.44, as compared with $.42 for the same quarter in 2010, an increase of 5%.
For the six months ended June 30, 2011, net earnings attributable to shareholders was $186,232,000, as compared with $151,565,000 in 2010, an increase of 23%. Net revenues for the six months increased to $926,476,000 from $780,681,000 for 2010, up 19%. Total revenues and operating income for the six months were $3,042,216,000 and $299,505,000 in 2011, as compared with $2,717,879,000 and $239,037,000 for the same period in 2010, increases of 12% and 25%, respectively. Diluted net earnings attributable to shareholders per share for the first two quarters of 2011 were $.86, as compared with $.70 for the same period of 2010, an increase of 23%.
“We knew that the 2011 second quarter would be challenging, at least from a 'last year's triumph is this year's hurdle' perspective. Despite this 'hurdle,' our 2011 second quarter operating income growth shows that we executed well, particularly given all the factors currently in play,” said Peter J. Rose, Chairman and Chief Executive Officer. “We didn't have some of the non-operating windfalls that benefited the 2010 second quarter, but these sound operating results reflect the solid execution in very dynamic ocean and airfreight markets and even in the more staid customs brokerage arena that has become our hallmark. Significantly, operating income as a percentage of net revenue remained above 32% for the fifth consecutive quarter. We may not be able to control the direction of the wind in the overall market, but we think we've demonstrated over time that our ability to safely navigate the churning oceans is all in how we set our sails,” Rose went on to say.
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