Expeditors International (EXPD) - Get Expeditors International of Washington, Inc. Report sank 10% after the freight shipper missed fourth-quarter earnings targets.
The Seattle-based company made $63 million, or 28 cents a share, for the quarter ended Dec. 31, down from the year-ago $74 million, or 34 cents a share. Revenue rose 13% from a year ago to $1.24 billion.
Analysts surveyed by Thomson Financial were looking for a 31-cent profit on sales of $1.28 billion.
"We'll take these fourth quarter results, particularly given the rather stiff comparisons we were up against," said CEO Peter J. Rose. "Growth in airfreight was good, particularly viewed in context of the blowout 4th quarter of 2005. Ocean freight volumes were very strong throughout the entire quarter and our brokerage product just continues to reliably roll along, taking market share as it goes.
"We continue to do all the right things right," Rose said. "Despite the rigors of Sarbanes-Oxley, stock option expensing, natural disasters or whatever other obstacles present themselves, our employees are prepared to execute and get the job done -- and they've done just that."
Shares fell $4.22 to $39.45.