Expeditors Announces Record Quarterly Earnings
SEATTLE--(BUSINESS WIRE)--Nov. 3, 1998--Expeditors International of Washington, Inc. (NASDAQ:EXPD - news) today announced record quarterly net earnings of $14,217,000 for the third quarter of 1998, compared with $11,777,000 for the same quarter of 1997, an increase of 21%.
Net revenues for the third quarter of 1998 increased 16% to $92,890,000 as compared with $80,180,000 reported for the third quarter of 1997. Total revenues and operating income were $289,675,000 and $22,273,000 in 1998 compared with $262,309,000 and $18,958,000 for the same quarter of 1997, increases of 10% and 17%, respectively. Diluted net earnings per share for the third quarter were $.54 as compared with $.44 for the same quarter in 1997, an increase of 23%. The company also reported that same store net revenues and operating income increased 15 % and 18 %, respectively, for the third quarter of 1998 when compared with 1997.
For the nine months ended September 30, 1998, net earnings rose to $33,331,000 from $25,549,000 in 1997, an increase of 30%. Net revenues for the nine months increased to $251,028,000 from $206,067,000 in 1997, up 22%. Total revenues and operating income for the nine months were $754,994,000 and $51,291,000 in 1998 compared with $683,853,000 and $40,355,000 for the same period in 1997, increases of 10% and 27%, respectively. Diluted net earnings per share for the first three quarters of 1998 were $1.26 as compared with $.97 for the same period of 1997, an increase of 30%. Same store net revenues and operating income increased 17% and 25%, respectively, for the nine months ended September 30, 1998 when compared with same period of 1997.
''These results reflect the fact that our employees remain committed to providing our customers with a quality of service that is unmatched in the industry,'' stated Peter J. Rose, Chairman and Chief Executive Officer. ''Our business model continues to provide a level of success that we believe cannot easily be equaled. Those who rely upon our performance can be assured that we will not waiver in our approach and we will continue to focus only on those things that we can control. Unfortunately, the performance of the stock market, our industry sector and our stock are not such items. In the long run these things will take care of themselves and Expeditors is in this race for the long run,'' concluded Rose.
Expeditors is a global logistics company. Headquartered in Seattle, Washington, the company employs trained professionals in 137 offices and 11 international service centers located on nine continents linked into a seamless worldwide network through an integrated information management system. Services include air and ocean freight forwarding, vendor consolidation, customs clearance, marine insurance, distribution and other value added international logistics services.
Additional information is available upon request or via the Internet at expd.com. |
