Expeditors International of Washington
is among the biggest market gainers on Wednesday morning after the global logistics firm upped its second quarter earnings guidance.
In the after-hours session on Tuesday, Expeditors International shares began rising after the company said that its earnings would reach 38 cents to 40 cents, versus a Street consensus of 30 cents. In the second quarter last year, the global logistics company earned 25 cents per share.
On Wednesday after the market open, Expeditors International shares spiked by more than 5%. Trading volume in the logistics company's stock quickly reached half of its average daily volume of 1.4 million shares. Expeditors International shares had gained as much as 10% in Tuesday's after-hours session.
CEO Peter Rose noted that the expected earnings were also above the second quarter 2008 level. Year-over-year growth in airfreight and ocean freight has been strong, though the company stopped short of upping guidance for the full year.
The logistics company is expected to release earnings on August 3.
-- Written by Eric Rosenbaum from New York.
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