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Expeditors Reports Second Quarter 2012 EPS Of $.39 Per Share1

Stocks in this article: EXPD

Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced net earnings attributable to shareholders of $83,955,000 for the second quarter of 2012, as compared with $95,000,000 for the same quarter of 2011, a decrease of (12)%. Net revenues for the second quarter of 2012 decreased (4)% to $453,651,000 as compared with $472,561,000 reported for the second quarter of 2011. Total revenues and operating income were $1,504,952,000 and $132,403,000 in the second quarter of 2012, as compared with $1,581,368,000 and $152,275,000 for the same quarter of 2011, decreases of (5)% and (13)%, respectively. Diluted net earnings attributable to shareholders per share for the second quarter were $.39, as compared with $.44 for the same quarter in 2011, a decrease of (11)%.

For the six months ended June 30, 2012, net earnings attributable to shareholders was $160,662,000, as compared with $186,232,000 in 2011, a decrease of (14)%. Net revenues for the six months decreased to $900,222,000 from $926,476,000 for 2011, down (3)%. Total revenues and operating income for the six months were $2,916,322,000 and $257,674,000 in 2012, as compared with $3,042,216,000 and $299,505,000 for the same period in 2011, decreases of (4)% and (14)%, respectively. Diluted net earnings attributable to shareholders per share for the first two quarters of 2012 were $0.75, as compared with $0.86 for the same period of 2011, a decrease of (13)%.

“The same market trends we experienced during our 2012 first quarter, as we suggested at the time, continued into the second quarter. That said, we saw volume growth in all areas of our business with the exception of airfreight, despite navigating in what people are finally acknowledging is a very challenging and uncertain global economy,” said Peter J. Rose, Chairman and Chief Executive Officer. “Ocean freight yields dipped, sequentially, as is typical of the second quarter, due to the time lag between when carrier rate increases during annual May contract negotiations are commercially implemented and on a year-over-year basis, reflecting the magnitude of this years' buy rate increases, as carriers moved aggressively to stabilize their precarious financial situation. This was mitigated somewhat by 7% net revenue growth in our direct ocean forwarding product. In spite of flat shipment counts, we continued to experience similar year-over-year trends with respect to airfreight tonnage (smaller shipments, diminished global airfreight demand, lower levels of customer specific infrastructure and projects) that we highlighted in our 2012 first quarter release. Customs brokerage and other services, posted positive growth in net revenue, primarily due to the contributions from our continued international roll out of our domestic time definite product, Transcon services,” Rose continued.

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