Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced net earnings attributable to shareholders of $88,490,000 for the third quarter of 2012, as compared with $106,604,000 for the same quarter of 2011, a decrease of (17)%. Net revenues for the third quarter of 2012 decreased (6)% to $465,138,000 as compared with $493,846,000 reported for the third quarter of 2011. Total revenues and operating income were $1,531,664,000 and $145,099,000 in the third quarter of 2012, as compared with $1,606,368,000 and $163,758,000 for the same quarter of 2011, decreases of (5)% and (11)%, respectively. Diluted net earnings attributable to shareholders per share for the third quarter were $.42, as compared with $.50 for the same quarter in 2011, a decrease of (16)%.
For the nine months ended September 30, 2012, net earnings attributable to shareholders was $249,152,000, as compared with $292,836,000 in 2011, a decrease of (15)%. Net revenues for the nine months decreased to $1,365,360,000 from $1,420,322,000 for 2011, down (4)%. Total revenues and operating income for the nine months were $4,447,986,000 and $402,773,000 in 2012, as compared with $4,648,584,000 and $463,263,000 for the same period in 2011, decreases of (4)% and (13)%, respectively. Diluted net earnings attributable to shareholders per share for the first three quarters of 2012 were $1.17, as compared with $1.36 for the same period of 2011, a decrease of (14)%.
"Amidst the myriad of challenges we've faced this year it was not only satisfying but a very significant achievement to our productivity and cost management objectives to see our operating margin 2 once again above 30%," said Peter J. Rose, Chairman and Chief Executive Officer. “During our 30+ year operating history, we have never had the kinds of convergence of industry challenges, in both our customers and service providers' industries, than we have experienced this year. Financially struggling air and ocean carriers, airfreight markets adapting to smaller, lighter, more powerful smart phones and mobile tablets versus heavier PCs, lackluster consumer and business demand and global economic uncertainty have all combined to create a very uniquely challenging business environment. In spite of all this, we have executed efficiently and intelligently by maintaining both our uncompromising customer service standards and a long-term focus on our investments in our people and our systems. In addition to having the best people, we have loyal customers and very capable and dependable service providers, all of whom are integral to our success. For us, there is much more to feel good about than there is to fret about. We're not about to let short-term challenges become long-term obstacles,” Rose continued.
“Years come and years go, and, like 2009, we'll be glad to see this one end. We remain confident, however, in our ability to weather the economic storms, keep our culture intact, remain profitable and continue to build market share that contributes, rather than detracts from the financial stability that our balance sheet shows we've constructed over the years. It is as strong and as liquid as it has ever been. We don't make public predictions, but we do believe people should pay more attention when we express concerns over economic uncertainty. Finally, on the subject of storms and best people, we'd be completely remiss not to mention our U.S. Northeast Region, particularly our people in the New York and New Jersey offices, who just bore the brunt of Hurricane Sandy. Thankfully all were safe, however some lost homes, many lost cars and still more had significant property damage and remain without power. Despite that, even while assisting family, friends and neighbors, as much as the law and public safety allowed, they were also finding solutions to our customers' logistics challenges. Our New York office, which was in the mandatory evacuation zone, was operational as soon as the evacuation order was lifted. Our network has shown an outpouring of help and assistance that is the embodiment of everything we consider sacrosanct to our Expeditors family values. The example our people exhibit says more about our culture, about who we are and about our enduring potential as a Company than one can put into all of the 113 quarterly earnings releases we've issued over the years. It taught us a whole new meaning for our motto, 'You'd be surprised how far we'll go for you!' We couldn't be more proud,” Rose concluded.Expeditors is a global logistics company headquartered in Seattle, Washington. The company employs trained professionals in 189 full-service offices and 64 satellite locations 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, domestic time definite services and other value added international logistics services.
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