Expeditors reports on steady fourth-quarter performance

Seattle, Washington state-headquartered forwarder Expeditors International has released fourth-quarter 2018 results that included an 18% year on year improvement in revenues and 9% improvement in operating income.

Airfreight volumes handled were up by 2% on those of the same quarter of 217.

President and chief executive Jeffrey Musser observed: “The fourth quarter marked a strong finish to a record year of growth in revenues, net revenues, volumes, and profitability.

“The air and ocean markets have continued to be highly unpredictable, with ongoing shifts in the balance of supply and demand requiring extra attention to address the needs of each individual customer.

“These are the conditions when our people really prove themselves, as they did in Q4 and throughout the year. I commend them for continuing to grow volumes in ocean and air, with a determined focus on profitability.

“During the quarter, our air and customs brokerage segments were particularly strong once again,” Musser pointed out.

Over the course of the full 12 months of last year, Expeditors saw its revenue increase by 18% over 2014, its operating income by 14%.

“Throughout 2018, we did a terrific job of growing net revenues ahead of headcount and related costs,” Musser said. “We also generated improved efficiencies, while establishing a selective mix of business partners who value an elevated level of customer service.”

In November last year, Expeditors had warned of increasing volatility in airfreight rates, even as it reported record profits for the third quarter of the year.

The company saw its third-quarter revenues increase by 16% year on year, while earnings before interest and tax were up 9.4% on a year.

Airfreight volumes were up by 1% year on year during the third quarter.

Expeditors has a total of 176 district offices and numerous branch locations located on six continents.

Its service portfolio includes the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation services, order management, warehousing and distribution and customised logistics solutions.