Press Release Details

Expeditors Reports Third Quarter 2023 EPS of $1.16

11/07/2023

Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced third quarter 2023 financial results including the following comparisons to the same quarter of 2022:

  • Diluted Net Earnings Attributable to Shareholders per share (EPS1) decreased 54% to $1.16
  • Net Earnings Attributable to Shareholders decreased 59% to $171 million
  • Operating Income decreased 59% to $216 million
  • Revenues decreased 50% to $2.2 billion
  • Airfreight tonnage volume decreased 14% and ocean container volume decreased 15%

“As expected, the deceleration in demand that we have seen since the second half of 2022 continued in the comparable third quarter of 2023,” said Jeffrey S. Musser, President and Chief Executive Officer. “Additionally, rates generally remained soft while capacity exceeded demand in most lanes. The shipping industry has been undergoing a great unwinding of so many of the drivers that led up to the massive mismatch of supply and demand that occurred during the pandemic. As a result, air and ocean capacity is now mostly plentiful and at rates that remain well below the pandemic period. We have also experienced declines in the number of customs brokerage transactions we handled, even as we benefited from lower costs resulting from the gradual clearing of pandemic-related port congestion. In addition, shippers continue to pivot back to ocean freight to reduce costs in an uncertain economy. We have seen shippers generally move smaller volumes in a marketplace that is defined by inflation, high energy costs, an increasingly tentative consumer, and now significant and growing geopolitical uncertainty.

“While we have been through many industry cycles of expansion and contraction before, the pace and extent of this unwinding has been as unpredictable and disruptive as the dislocations that drove our market to such unprecedented peaks in pricing and volumes. We are meeting these conditions head-on and have been re-balancing operations for an environment that is now more like the way things were prior to the COVID disruptions. We have made very deliberate efforts to control costs and to carefully manage our headcount; we do not know how long this cycle of cautious demand and soft rates will last in this uncertain economic environment. While not all markets are soft and rates have even increased in certain lanes, we have yet to see signs of a widespread improvement in rates. Nevertheless, we are encouraged by indications that tonnage and volumes are perhaps flattening or improving. While we continue to adjust for the current environment, we also need to be prepared for the longer term when pricing and capacity conditions stabilize and demand begins to consistently trend higher.”

Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, “As the market recalibrates, we are encouraged that both tonnage and volumes increased from the June quarter, marking the first sequential quarterly growth in both tons and volumes since the third quarter of 2022. So long as the economic environment remains uncertain, we will continue to focus on aligning headcount and overhead expenses commensurate with our transactions and volumes. We remain dedicated to improving efficiency, while also preparing for the time when demand shows signs of a sustained recovery. Since December 31, we have decreased headcount by 8%. We also continue to be very mindful of our strong cash position, having now returned more than $2 billion to shareholders in repurchased stock and dividends over the past 12 months.”

Mr. Powell noted that other overhead expenses increased $18 million in the quarter, primarily a result of $14 million in expenses related to indirect tax and other contingencies, compared to a recovery of $11 million in the third quarter of 2022 of costs incurred earlier that year as a result of the February 2022 cyber-attack.

Expeditors is a global logistics company headquartered in Seattle, Washington. The Company employs trained professionals in 176 district offices and numerous branch locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing and distribution and customized logistics solutions.

_______________________
1Diluted earnings attributable to shareholders per share.
NOTE: See Disclaimer on Forward-Looking Statements in this release.

Disclaimer on Forward-Looking Statements:

Certain statements contained in this news release are “forward-looking statements,” based on management’s views with respect to future events and underlying assumptions that involve risks and uncertainties. These forward-looking statements include statements regarding indications that tonnage and volumes are perhaps flattening or improving; our uncertain short-term outlook; a normalized supply chain; shippers pivoting from air freight to ocean freight; falling rates that remain well below the pandemic period; declining volumes; plentiful and in some cases excess air and ocean capacity; shipper uncertainty given the current economic outlook; rising inflation, energy and financing costs; and signs of a slowing economy and drop in demand. Future financial performance could differ materially because of factors such as: our ability to thoughtfully control our headcount and exert other efforts to align our costs; our ability to re-balance operations for an environment that is now more like the way things were prior to the COVID disruptions; our ability to improve our efficiency; our ability to predict when operating conditions may eventually stabilize and demand and volumes begin to recover and grow; our ability to leverage the strength of our carrier relationships; the strength of our non-asset-based operating model; our ability to align expenses with revenues and to enhance our productivity; our ability to maintain our existing accounts and gain new business; our ability to invest in our strategic efforts to explore new areas for profitable growth; and our ability to remain a strong, healthy, unified and resilient organization. The normalizing of the supply chain at the end of the pandemic, along with the current uncertainty in the global economy, could have the effect of heightening many of the other risks described in Item 1A of our Annual Report on Form 10-K, including, without limitation, those related to the success of our strategy and desire to maintain historical unitary profitability, our ability to attract and retain customers, our ability to manage costs, interruptions to our information technology systems, the ability of third-party providers to perform and potential litigation as updated by our reports on Form 10-Q, filed with the Securities and Exchange Commission. These and other factors are discussed in the Company’s regulatory filings with the Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and the Company’s most recent Form 10-Q. The forward-looking statements contained in this news release speak only as of this date and the Company does not assume any obligation to update them except as required by law.

Expeditors International of Washington, Inc.

Third Quarter 2023 Earnings Release, November 7, 2023

Financial Highlights for the three months ended September 30, 2023 and 2022 (Unaudited)

(in 000's of US dollars except share data)

 

 

 

Three months ended September 30,

 

Nine months ended September 30,

 

 

2023

 

2022

 

% Change

 

2023

 

2022

 

% Change

Revenues

 

$

2,190,001

 

 

$

4,362,146

 

 

(50)%

 

$

7,022,342

 

 

$

13,629,756

 

 

(48)%

Directly related cost of transportation and other expenses 1

 

$

1,402,111

 

 

$

3,194,273

 

 

(56)%

 

$

4,540,396

 

 

$

10,151,332

 

 

(55)%

Salaries and other operating expenses 2

 

$

571,821

 

 

$

640,950

 

 

(11)%

 

$

1,741,411

 

 

$

1,983,759

 

 

(12)%

Operating income 3

 

$

216,069

 

 

$

526,923

 

 

(59)%

 

$

740,535

 

 

$

1,494,665

 

 

(50)%

Net earnings attributable to shareholders

 

$

171,353

 

 

$

414,209

 

 

(59)%

 

$

594,164

 

 

$

1,138,123

 

 

(48)%

Diluted earnings attributable to shareholders per share

 

$

1.16

 

 

$

2.54

 

 

(54)%

 

$

3.92

 

 

$

6.84

 

 

(43)%

Basic earnings attributable to shareholders per share

 

$

1.16

 

 

$

2.56

 

 

(55)%

 

$

3.95

 

 

$

6.90

 

 

(43)%

Diluted weighted average shares outstanding

 

 

148,001

 

 

 

163,250

 

 

 

 

 

151,619

 

 

 

166,398

 

 

 

Basic weighted average shares outstanding

 

 

147,099

 

 

 

162,029

 

 

 

 

 

150,543

 

 

 

164,944

 

 

 

_______________

1Directly related cost of transportation and other expenses totals Operating Expenses from Airfreight services, Ocean freight and ocean services and Customs brokerage and other services as shown in the Condensed Consolidated Statements of Earnings.

2Salaries and other operating expenses totals Salaries and related, Rent and occupancy, Depreciation and amortization, Selling and promotion and Other as shown in the Condensed Consolidated Statements of Earnings. In the three months ended September 30, 2023, includes $14 million of expense related to indirect tax and other contingencies.

3Operating income in the three months ended September 30, 2022 includes recoveries of $18 million of expense related to the Company's global systems downtime and investigation, recovery and remediation efforts caused by a targeted cyber-attack that occurred in the first quarter of 2022. In the nine months ended September 30, 2022, operating income includes $70 million in expenses incurred as a result of the cyber-attack. In the three and nine months ended September 30, 2023, amounts related to the cyber-attack recorded in Operating Income were insignificant.

During the three and nine months ended September 30, 2023, we repurchased 2.6 million and 10.5 million shares of common stock at an average price of $116.29 and $113.97 per share. During the three and nine months ended September 30, 2022 we repurchased 4.5 million and 9.5 million shares of common stock at an average price of $103.56 and $106.84 per share.

 

 

Employee Full-time Equivalents as of

 

 

September 30, 2023

 

December 31, 2022

 

September 30, 2022

North America

 

 

6,975

 

 

 

7,778

 

 

 

7,819

 

Europe

 

 

3,811

 

 

 

4,228

 

 

 

4,167

 

North Asia

 

 

2,290

 

 

 

2,448

 

 

 

2,485

 

South Asia

 

 

1,709

 

 

 

1,851

 

 

 

1,843

 

Middle East, Africa and India

 

 

1,440

 

 

 

1,540

 

 

 

1,538

 

Latin America

 

 

753

 

 

 

859

 

 

 

852

 

Information Systems

 

 

1,239

 

 

 

1,173

 

 

 

1,144

 

Corporate

 

 

408

 

 

 

425

 

 

 

421

 

Total

 

 

18,625

 

 

 

20,302

 

 

 

20,269

 

 

 

Third quarter year-over-year percentage decrease in:

2023

 

Airfreight

kilos

 

Ocean freight

FEU

July

 

(15)%

 

(14)%

August

 

(15)%

 

(15)%

September

 

(12)%

 

(17)%

Quarter

 

(14)%

 

(15)%

_______________
Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on November 10, 2023 will be considered in management's 8-K “Responses to Selected Questions.”

_______________
NOTE: See Disclaimer on Forward-Looking Statements in this release.

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

 

Condensed Consolidated Balance Sheets

(In thousands, except per share data)

(Unaudited)

 

 

 

September 30, 2023

 

December 31, 2022

Assets:

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,639,428

 

 

$

2,034,131

 

Accounts receivable, less allowance for credit loss of $5,724 at September 30, 2023 and $9,466 at December 31, 2022

 

 

1,458,983

 

 

 

2,107,645

 

Deferred contract costs

 

 

223,768

 

 

 

257,545

 

Other

 

 

189,737

 

 

 

118,696

 

Total current assets

 

 

3,511,916

 

 

 

4,518,017

 

Property and equipment, less accumulated depreciation and amortization $579,961 at September 30, 2023 and $567,758 at December 31, 2022

 

 

480,924

 

 

 

501,916

 

Operating lease right-of-use assets

 

 

506,981

 

 

 

507,503

 

Goodwill

 

 

7,927

 

 

 

7,927

 

Deferred federal and state income taxes, net

 

 

50,796

 

 

 

37,449

 

Other assets, net

 

 

19,577

 

 

 

17,622

 

Total assets

 

$

4,578,121

 

 

$

5,590,434

 

Liabilities:

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Accounts payable

 

$

846,461

 

 

$

1,108,996

 

Accrued liabilities, primarily salaries and related costs

 

 

423,685

 

 

 

479,262

 

Contract liabilities

 

 

283,797

 

 

 

323,101

 

Current portion of operating lease liabilities

 

 

99,876

 

 

 

95,621

 

Federal, state and foreign income taxes

 

 

13,226

 

 

 

47,075

 

Total current liabilities

 

 

1,667,045

 

 

 

2,054,055

 

Noncurrent portion of operating lease liabilities

 

 

419,602

 

 

 

422,844

 

Commitments and contingencies

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

 

Preferred stock, none issued

 

 

 

 

 

 

Common stock, par value $0.01 per share. Issued and outstanding: 145,386 shares at September 30, 2023 and 154,313 shares at December 31, 2022

 

 

1,454

 

 

 

1,543

 

Additional paid-in capital

 

 

 

 

 

139

 

Retained earnings

 

 

2,701,386

 

 

 

3,310,892

 

Accumulated other comprehensive loss

 

 

(213,060

)

 

 

(202,553

)

Total shareholders’ equity

 

 

2,489,780

 

 

 

3,110,021

 

Noncontrolling interest

 

 

1,694

 

 

 

3,514

 

Total equity

 

 

2,491,474

 

 

 

3,113,535

 

Total liabilities and equity

 

$

4,578,121

 

 

$

5,590,434

 

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

 

Condensed Consolidated Statements of Earnings

(In thousands, except per share data)

(Unaudited)

 

 

 

Three months ended September 30,

 

Nine months ended September 30,

 

 

2023

 

2022

 

2023

 

2022

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Airfreight services

 

$

724,331

 

 

$

1,480,955

 

 

$

2,380,405

 

 

$

4,682,076

 

Ocean freight and ocean services

 

 

560,281

 

 

 

1,684,579

 

 

 

1,851,389

 

 

 

5,420,471

 

Customs brokerage and other services

 

 

905,389

 

 

 

1,196,612

 

 

 

2,790,548

 

 

 

3,527,209

 

Total revenues

 

 

2,190,001

 

 

 

4,362,146

 

 

 

7,022,342

 

 

 

13,629,756

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Airfreight services

 

 

516,519

 

 

 

1,104,812

 

 

 

1,707,568

 

 

 

3,459,861

 

Ocean freight and ocean services

 

 

387,670

 

 

 

1,343,355

 

 

 

1,277,159

 

 

 

4,345,963

 

Customs brokerage and other services

 

 

497,922

 

 

 

746,106

 

 

 

1,555,669

 

 

 

2,345,508

 

Salaries and related

 

 

412,505

 

 

 

499,341

 

 

 

1,290,911

 

 

 

1,546,503

 

Rent and occupancy

 

 

58,387

 

 

 

52,715

 

 

 

174,224

 

 

 

155,241

 

Depreciation and amortization

 

 

15,607

 

 

 

15,187

 

 

 

46,374

 

 

 

42,416

 

Selling and promotion

 

 

6,149

 

 

 

6,239

 

 

 

18,847

 

 

 

16,174

 

Other

 

 

79,173

 

 

 

67,468

 

 

 

211,055

 

 

 

223,425

 

Total operating expenses

 

 

1,973,932

 

 

 

3,835,223

 

 

 

6,281,807

 

 

 

12,135,091

 

Operating income

 

 

216,069

 

 

 

526,923

 

 

 

740,535

 

 

 

1,494,665

 

Other Income (Expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

17,156

 

 

 

7,835

 

 

 

53,723

 

 

 

12,447

 

Interest expense

 

 

(1,601

)

 

 

(470

)

 

 

(4,641

)

 

 

(1,031

)

Other, net

 

 

267

 

 

 

568

 

 

 

9,035

 

 

 

8,762

 

Other income, net

 

 

15,822

 

 

 

7,933

 

 

 

58,117

 

 

 

20,178

 

Earnings before income taxes

 

 

231,891

 

 

 

534,856

 

 

 

798,652

 

 

 

1,514,843

 

Income tax expense

 

 

61,048

 

 

 

120,694

 

 

 

206,018

 

 

 

368,975

 

Net earnings

 

 

170,843

 

 

 

414,162

 

 

 

592,634

 

 

 

1,145,868

 

Less net (losses) earnings attributable to the noncontrolling interest

 

 

(510

)

 

 

(47

)

 

 

(1,530

)

 

 

7,745

 

Net earnings attributable to shareholders

 

$

171,353

 

 

$

414,209

 

 

$

594,164

 

 

$

1,138,123

 

Diluted earnings attributable to shareholders per share

 

$

1.16

 

 

$

2.54

 

 

$

3.92

 

 

$

6.84

 

Basic earnings attributable to shareholders per share

 

$

1.16

 

 

$

2.56

 

 

$

3.95

 

 

$

6.90

 

Weighted average diluted shares outstanding

 

 

148,001

 

 

 

163,250

 

 

 

151,619

 

 

 

166,398

 

Weighted average basic shares outstanding

 

 

147,099

 

 

 

162,029

 

 

 

150,543

 

 

 

164,944

 

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

 

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

 

Three months ended

September 30,

 

Nine months ended

September 30,

 

 

2023

 

2022

 

2023

 

2022

Operating Activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings

 

$

170,843

 

 

$

414,162

 

 

$

592,634

 

 

$

1,145,868

 

Adjustments to reconcile net earnings to net cash from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Provisions for losses on accounts receivable

 

 

1,411

 

 

 

5,570

 

 

 

2,316

 

 

 

9,917

 

Deferred income tax benefit

 

 

(6,418

)

 

 

(3,070

)

 

 

(7,942

)

 

 

(14,928

)

Stock compensation expense

 

 

15,879

 

 

 

14,175

 

 

 

46,962

 

 

 

51,296

 

Depreciation and amortization

 

 

15,607

 

 

 

15,187

 

 

 

46,374

 

 

 

42,416

 

Other, net

 

 

2,673

 

 

 

1,435

 

 

 

6,396

 

 

 

144

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

(Increase) decrease in accounts receivable

 

 

(53,722

)

 

 

634,421

 

 

 

629,205

 

 

 

880,364

 

Increase (decrease) in accounts payable and accrued liabilities

 

 

40,919

 

 

 

(350,922

)

 

 

(311,990

)

 

 

(343,902

)

(Increase) decrease in deferred contract costs

 

 

(56,917

)

 

 

226,087

 

 

 

28,870

 

 

 

437,155

 

Increase (decrease) in contract liabilities

 

 

74,701

 

 

 

(249,895

)

 

 

(33,549

)

 

 

(488,826

)

Decrease in income taxes payable, net

 

 

(4,017

)

 

 

(31,397

)

 

 

(97,743

)

 

 

(78,568

)

(Increase) decrease in other, net

 

 

(10,979

)

 

 

(5,369

)

 

 

(6,695

)

 

 

2,040

 

Net cash from operating activities

 

 

189,980

 

 

 

670,384

 

 

 

894,838

 

 

 

1,642,976

 

Investing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

Purchase of property and equipment

 

 

(7,993

)

 

 

(15,928

)

 

 

(28,600

)

 

 

(68,498

)

Other, net

 

 

10

 

 

 

(590

)

 

 

(209

)

 

 

(645

)

Net cash from investing activities

 

 

(7,983

)

 

 

(16,518

)

 

 

(28,809

)

 

 

(69,143

)

Financing Activities:

 

 

 

 

 

 

 

 

 

 

 

 

Payments on borrowings on lines of credit

 

 

(1,491

)

 

 

(21,117

)

 

 

(33,636

)

 

 

(29,601

)

Proceeds from borrowings on lines of credit

 

 

8,404

 

 

 

 

 

 

26,953

 

 

 

56,545

 

Proceeds from issuance of common stock

 

 

61,841

 

 

 

61,885

 

 

 

80,305

 

 

 

73,318

 

Repurchases of common stock

 

 

(298,103

)

 

 

(469,041

)

 

 

(1,199,294

)

 

 

(1,018,106

)

Dividends Paid

 

 

 

 

 

 

 

 

(102,263

)

 

 

(109,828

)

Payments for taxes related to net share settlement of equity awards

 

 

 

 

 

 

 

 

(19,501

)

 

 

(19,333

)

Distribution to noncontrolling interest

 

 

 

 

 

(543

)

 

 

 

 

 

(543

)

Net cash from financing activities

 

 

(229,349

)

 

 

(428,816

)

 

 

(1,247,436

)

 

 

(1,047,548

)

Effect of exchange rate changes on cash and cash equivalents

 

 

(11,807

)

 

 

(47,487

)

 

 

(13,296

)

 

 

(100,443

)

Change in cash and cash equivalents

 

 

(59,159

)

 

 

177,563

 

 

 

(394,703

)

 

 

425,842

 

Cash and cash equivalents at beginning of period

 

 

1,698,587

 

 

 

1,976,971

 

 

 

2,034,131

 

 

 

1,728,692

 

Cash and cash equivalents at end of period

 

$

1,639,428

 

 

$

2,154,534

 

 

$

1,639,428

 

 

$

2,154,534

 

Taxes Paid:

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

$

61,603

 

 

$

150,960

 

 

$

306,059

 

 

$

465,711

 

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.

AND SUBSIDIARIES

Business Segment Information

(In thousands)

(Unaudited)

 

 

 

UNITED

STATES

 

OTHER

NORTH

AMERICA

 

LATIN

AMERICA

 

NORTH

ASIA

 

SOUTH

ASIA

 

EUROPE

 

MIDDLE

EAST,

AFRICA

AND

INDIA

 

ELIMI-

NATIONS

 

CONSOLI-

DATED

For the three months ended September 30, 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

784,503

 

 

 

106,293

 

 

 

47,327

 

 

 

515,340

 

 

 

207,006

 

 

 

410,904

 

 

 

119,849

 

 

 

(1,221

)

 

 

2,190,001

 

Directly related cost of transportation and other expenses1

 

$

421,432

 

 

 

63,671

 

 

 

28,409

 

 

 

398,681

 

 

 

145,292

 

 

 

263,524

 

 

 

81,643

 

 

 

(541

)

 

 

1,402,111

 

Salaries and other operating expenses2

 

$

261,323

 

 

 

38,275

 

 

 

16,405

 

 

 

66,546

 

 

 

42,138

 

 

 

120,436

 

 

 

27,351

 

 

 

(653

)

 

 

571,821

 

Operating income (loss)

 

$

101,748

 

 

 

4,347

 

 

 

2,513

 

 

 

50,113

 

 

 

19,576

 

 

 

26,944

 

 

 

10,855

 

 

 

(27

)

 

 

216,069

 

Identifiable assets at period end

 

$

2,572,404

 

 

 

200,711

 

 

 

110,708

 

 

 

512,746

 

 

 

217,018

 

 

 

726,729

 

 

 

260,619

 

 

 

(22,814

)

 

 

4,578,121

 

Capital expenditures

 

$

3,762

 

 

 

302

 

 

 

84

 

 

 

168

 

 

 

409

 

 

 

1,369

 

 

 

1,899

 

 

 

 

 

 

7,993

 

Equity

 

$

1,797,123

 

 

 

46,264

 

 

 

54,096

 

 

 

225,229

 

 

 

91,712

 

 

 

154,617

 

 

 

161,882

 

 

 

(39,449

)

 

 

2,491,474

 

For the three months ended September 30, 2022:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

1,244,515

 

 

 

140,622

 

 

 

68,057

 

 

 

1,489,331

 

 

 

518,780

 

 

 

637,411

 

 

 

264,518

 

 

 

(1,088

)

 

 

4,362,146

 

Directly related cost of transportation and other expenses1

 

$

742,826

 

 

 

80,116

 

 

 

41,638

 

 

 

1,250,872

 

 

 

416,817

 

 

 

453,248

 

 

 

209,248

 

 

 

(492

)

 

 

3,194,273

 

Salaries and other operating expenses2

 

$

314,442

 

 

 

30,151

 

 

 

15,057

 

 

 

98,758

 

 

 

37,577

 

 

 

109,308

 

 

 

36,181

 

 

 

(524

)

 

 

640,950

 

Operating income

 

$

187,247

 

 

 

30,355

 

 

 

11,362

 

 

 

139,701

 

 

 

64,386

 

 

 

74,855

 

 

 

19,089

 

 

 

(72

)

 

 

526,923

 

Identifiable assets at period end

 

$

3,553,279

 

 

 

272,527

 

 

 

137,472

 

 

 

915,895

 

 

 

421,148

 

 

 

1,020,756

 

 

 

322,160

 

 

 

(35,711

)

 

 

6,607,526

 

Capital expenditures

 

$

9,278

 

 

 

556

 

 

 

419

 

 

 

581

 

 

 

426

 

 

 

3,619

 

 

 

1,049

 

 

 

 

 

 

15,928

 

Equity

 

$

2,430,632

 

 

 

129,346

 

 

 

59,494

 

 

 

304,496

 

 

 

180,855

 

 

 

289,595

 

 

 

140,147

 

 

 

(43,172

)

 

 

3,491,393

 

 

 

UNITED

STATES

 

OTHER

NORTH

AMERICA

 

LATIN

AMERICA

 

NORTH

ASIA

 

SOUTH

ASIA

 

EUROPE

 

MIDDLE

EAST,

AFRICA

AND

INDIA

 

ELIMI-

NATIONS

 

CONSOLI-

DATED

For the nine months ended September 30, 2023:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

2,535,945

 

 

 

326,398

 

 

 

151,994

 

 

 

1,607,788

 

 

 

631,001

 

 

 

1,386,284

 

 

 

386,524

 

 

 

(3,592

)

 

 

7,022,342

 

Directly related cost of transportation and other expenses1

 

$

1,387,511

 

 

 

201,984

 

 

 

90,139

 

 

 

1,238,996

 

 

 

437,392

 

 

 

924,592

 

 

 

261,482

 

 

 

(1,700

)

 

 

4,540,396

 

Salaries and other operating expenses2

 

$

785,282

 

 

 

108,892

 

 

 

52,172

 

 

 

205,976

 

 

 

132,984

 

 

 

373,004

 

 

 

85,003

 

 

 

(1,902

)

 

 

1,741,411

 

Operating income

 

$

363,152

 

 

 

15,522

 

 

 

9,683

 

 

 

162,816

 

 

 

60,625

 

 

 

88,688

 

 

 

40,039

 

 

 

10

 

 

 

740,535

 

Identifiable assets at period end

 

$

2,572,404

 

 

 

200,711

 

 

 

110,708

 

 

 

512,746

 

 

 

217,018

 

 

 

726,729

 

 

 

260,619

 

 

 

(22,814

)

 

 

4,578,121

 

Capital expenditures

 

$

15,829

 

 

 

932

 

 

 

360

 

 

 

1,110

 

 

 

744

 

 

 

6,688

 

 

 

2,937

 

 

 

 

 

 

28,600

 

Equity

 

$

1,797,123

 

 

 

46,264

 

 

 

54,096

 

 

 

225,229

 

 

 

91,712

 

 

 

154,617

 

 

 

161,882

 

 

 

(39,449

)

 

 

2,491,474

 

For the nine months ended September 30, 2022:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

3,751,102

 

 

 

390,220

 

 

 

191,900

 

 

 

4,840,822

 

 

 

1,776,355

 

 

 

1,871,509

 

 

 

811,147

 

 

 

(3,299

)

 

 

13,629,756

 

Directly related cost of transportation and other expenses1

 

$

2,303,428

 

 

 

230,154

 

 

 

118,793

 

 

 

4,054,319

 

 

 

1,463,173

 

 

 

1,335,267

 

 

 

647,510

 

 

 

(1,312

)

 

 

10,151,332

 

Salaries and other operating expenses2

 

$

962,817

 

 

 

86,328

 

 

 

42,654

 

 

 

326,767

 

 

 

121,634

 

 

 

333,971

 

 

 

111,481

 

 

 

(1,893

)

 

 

1,983,759

 

Operating income

 

$

484,857

 

 

 

73,738

 

 

 

30,453

 

 

 

459,736

 

 

 

191,548

 

 

 

202,271

 

 

 

52,156

 

 

 

(94

)

 

 

1,494,665

 

Identifiable assets at period end

 

$

3,553,279

 

 

 

272,527

 

 

 

137,472

 

 

 

915,895

 

 

 

421,148

 

 

 

1,020,756

 

 

 

322,160

 

 

 

(35,711

)

 

 

6,607,526

 

Capital expenditures

 

$

45,149

 

 

 

2,672

 

 

 

705

 

 

 

1,878

 

 

 

1,152

 

 

 

13,343

 

 

 

3,599

 

 

 

 

 

 

68,498

 

Equity

 

$

2,430,632

 

 

 

129,346

 

 

 

59,494

 

 

 

304,496

 

 

 

180,855

 

 

 

289,595

 

 

 

140,147

 

 

 

(43,172

)

 

 

3,491,393

 

 

1 Directly related cost of transportation and other expenses totals Operating Expenses from Airfreight services, Ocean freight and ocean services and Customs brokerage and other services as shown in the Condensed Consolidated Statements of Earnings.

2 Salaries and other operating expenses totals Salaries and related, Rent and occupancy, Depreciation and amortization, Selling and promotion and Other as shown in the Condensed Consolidated Statements of Earnings.

 

Jeffrey S. Musser
President and Chief Executive Officer
(206) 674-3433

Bradley S. Powell
Senior Vice President and Chief Financial Officer
(206) 674-3412

Geoffrey Buscher
Director - Investor Relations
(206) 892-4510

Source: Expeditors International of Washington, Inc.