NEW YORK (TheStreet) -- Expeditors International of Washington (EXPD) fell 7.02% to $39.06, down $2.95 from its previous close of $42.01, at the close of the trading day on Tuesday after the global logistics and freight forwarding company reported fourth-quarter earnings that missed analysts' estimates.
The company reported earnings per share of 41 cents, six cents worse than the Capital IQ consensus estimate of 47 cents a share. Revenues rose 5.9% year over year to $1.63 billion, which beat the consensus estimate of $1.58 billion.
Airfreight volumes rose 5% year over year, while ocean freight volumes increased nearly 16%.
"Airfreight pricing remained remarkably consistent with the 2012 fourth quarter while pricing in the ocean freight market continued to be weak and somewhat volatile, reflecting the underlying economic challenges that faced ocean freight carriers caused primarily by overcapacity concerns," said Chairman and CEO Peter J. Rose in the company's statement. "We also saw the impact of these volume increases spill over into customs brokerage and other services.
"While it is increasingly acknowledged that the state of the global economy is still not nearly as robust as government, economic and financial pundits would all have us believe, we've still found ways to grow profitably while remaining true to the fundamental principles which have been the catalyst for developing this company that had 6 offices and 20 people in 1981 into the $6 billion, nearly 14,000 person, Fortune 500 company it is today."
The stock had a volume of 4,905,723, more than four times its average of 1,079,380. It hit a high of $41.91 and a low of $38.70 for the day. The stock holds a one-year high of $46.90 and a one-year low of $34.83.