Tax Gain Boosts Expeditors
Expeditors International
(EXPD)
, a provider of logistics services, said its fourth-quarter earnings rose 85%, aided by a tax benefit and strong freight demand.
The Seattle-based company earned $80.5 million, or 72 cents a share, in the quarter, compared with $43.6 million, or 39 cents a share, a year ago. Excluding a $21.7 million tax benefit, earnings were 53 cents a share. On that basis, analysts surveyed by Thomson Financial were expecting the company to earn 51 cents a share.
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Fourth-quarter revenue rose 18% from a year ago to $1.1 billion. Analysts had forecast revenue of $1.07 billion.
"We were able to handle a significant increase in freight without having to add a commensurate amount of expense," the company said.
Expeditors shares were up $1.60, or 2.1%, to $77.31.
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