Expeditors International's stock jumps to pace Dow transports gainers after Q2 profit beat expectations
Shares of Expeditors International of Washington Inc. ran up 3.2% in morning trading Tuesday, to pace the Dow Jones Transportation Average's gainers, after the air and ocean freight services company beat second-quarter profit expectations, although revenue came up a bit shy. Net income rose to $153.1 million, or 88 cents a share, from $140.6 million, or 79 cents a share, in the same period a year ago, and was above the FactSet consensus of 82 cents a share. Revenue grew 4% to $2.04 billion, below the FactSet consensus of $2.07 billion. Chief Executive Jeffrey Musser said the air freight business was "challenged" as a result of a slowdown in export volumes out of North Asia and the U.S., and as "the current climate of geopolitical volatility has created uncertainty." The stock has now gained 5.7% year to date, while the Dow transports has advanced 10.0% and the Dow Jones Industrial Average has tacked on 10.6%.
Published:8/6/2019 10:28:46 AM