Expeditors Earnings Surge

The shipping and logistics firm says orders picked up as the second quarter went along.
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Expeditors

(EXPD) - Get Report

posted a 19% profit gain for the second quarter as orders picked up late in the period.

For the second quarter ended June 30, the Seattle-based shipping firm said earnings rose to $45 million, or 40 cents a share, from the year-ago $38 million, or 34 cents a share. Net revenue rose 13% from a year ago to $251 million.

"These are solid results, particularly in light of the fact that this increase comes off of a very strong historical base," said CEO Peter Rose. "This quarter was interesting because it started slowly and yet business accelerated throughout the quarter to the point where June 2005 was a record month. In fact, operating income was nearly 20% higher than our previous best. This strong finish appears to have been driven by customers in the retail area rushing imports of several commodities from the People's Republic of China for which safeguards would be closing imminently."

Early Tuesday, Expeditors slipped 81 cents to $53.97.