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Expeditors Reports Record Second Quarter 2011 EPS Of $.44 Per Share 1

Stocks in this article: EXPD

“Even with the global economic and political storms swirling around us, we must ultimately accept that we are 'the captains of our own destiny.' Being Resolute is one of our key cultural attributes and it has served us well in the past 30 years as we've endured a myriad of challenges. Being Resolute means we choose the path that adds long-term value to Expeditors, in tough times or in good times," Rose continued. "We will focus on attracting and retaining the best and brightest people, without whose dedicated efforts we wouldn't be where we are. We're grateful for their contributions and express that gratitude by investing in them and in their careers. The efficiencies gained from investments in our information technology systems and productivity initiatives continues to pay off for us, and we'll continue those as well. Putting our people and their productivity first allows us to better serve our customers' needs. The exciting thing about our business model is that we can't add value to Expeditors without adding value to our customers' supply chain. That's the way we create satisfied customers and that's the way we grow market share,” Rose concluded.

Expeditors is a global logistics company headquartered in Seattle, Washington. The company employs trained professionals in 185 full-service offices, 64 satellite locations and 2 international service centers located on six continents linked into a seamless worldwide network through an integrated information management system. Services include air and ocean freight forwarding, vendor consolidation, customs clearance, marine insurance, distribution and other value added international logistics services.

1 Diluted earnings attributable to shareholders per share.

NOTE: See Disclaimer on Forward-Looking Statements on the following page of this release.

Expeditors International of Washington, Inc.

2 nd Quarter 2011 Earnings Release, August 2, 2011


Financial Highlights for the Three and Six months ended June 30, 2011 and 2010 (Unaudited)

(in 000's of US dollars except share data)

Three months ended June 30, Six months ended June 30,




  % Increase  




  % Increase
Revenues $ 1,581,368 $ 1,516,770 4 % $ 3,042,216   $ 2,717,879 12 %
Net revenues $ 472,561 $ 418,858 13 % $ 926,476 $ 780,681 19 %
Operating income $ 152,275 $ 138,496 10 % $ 299,505 $ 239,037 25 %
Net earnings attributable to shareholders $ 95,000 $ 90,318 5 % $ 186,232 $ 151,565 23 %
Diluted earnings attributable to shareholders $ .44 $ .42 5 % $ .86 $ .70 23 %
Basic earnings attributable to shareholders $ .45 $ .43 5 % $ .88 $ .71 24 %
Diluted weighted average shares outstanding 215,659,043 216,460,977 215,780,230 216,576,596
Basic weighted average shares outstanding 212,136,164 212,332,375 212,112,643 212,262,928
              Employee headcount as of June 30,
2011   2010
North America 4,528   4,227
Asia Pacific 4,053 3,753
Europe and Africa 2,168 1,975
Middle East 1,222 1,109
South America 625 583
Information Systems 551 569
Corporate 212 190
Total 13,359 12,406
                Year-over-year percentage increase (decrease) in:
Airfreight kilos     Ocean freight FEU  
April 8 % 6 %
May (6 )% 1 %
June (5 )% (7 )%
Quarter (1 )% %

During the second quarter of 2011, the Company opened one full-service office in Chengdu, People's Republic of China (formerly a satellite of Chongqing, People's Republic of China).

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