Expeditors Reports Second Quarter 2024 EPS of $1.24
-
Diluted Net Earnings Attributable to Shareholders per share (EPS1) decreased 5% to
$1.24 -
Net Earnings Attributable to Shareholders decreased 11% to
$175 million -
Operating Income decreased 10% to
$224 million -
Revenues increased 9% to
$2.4 billion - Airfreight tonnage volume increased 15% and ocean container volume decreased 3%
"We continued to adapt well to another erratic quarter for our industry, which has been impacted by the rapid changes and imbalances in buy versus sell rates, particularly on exports out of Asia,” said
“Air tonnage improved 15% year-over-year and 10% sequentially against Q1 2024, but buy rates outpaced increased sell rates, as international direct e-commerce demand from
“As we noted in the first quarter, our ability to see much beyond our day-to-day levels of activity remains challenging. While there are some signs of improving market conditions, there is much uncertainty with regard to demand, capacity, and pricing, not to mention unpredictable events with the potential to impact global shipping for days, weeks, or even longer. I am grateful for the customer-focused dedication of our workforce, particularly during these unpredictable times. We remain focused on keeping costs in check and are ready to pivot for whatever new challenges arise.”
Expeditors is a global logistics company headquartered in
_______________________
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 inflation; fragile economies; continued growth in air and ocean carrier capacity and the impact on rates; unpredictability in the ocean and air markets, including uncertainty due to conflicts in the
Second Quarter 2024 Earnings Release,
Financial Summary for the three months ended (in 000's of US dollars except share data) |
||||||||||||||||||||||
|
|
Three months ended |
|
Six months ended |
||||||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
% Change |
|
2024 |
|
|
2023 |
|
|
% Change |
||||||
Revenues |
|
$ |
2,439,001 |
|
|
$ |
2,239,752 |
|
|
9 |
% |
|
$ |
4,645,679 |
|
|
$ |
4,832,341 |
|
|
(4 |
)% |
Directly related cost of transportation and other expenses 1 |
|
$ |
1,639,408 |
|
|
$ |
1,419,183 |
|
|
16 |
% |
|
$ |
3,072,688 |
|
|
$ |
3,138,285 |
|
|
(2 |
)% |
Salaries and other operating expenses 2 |
|
$ |
575,674 |
|
|
$ |
572,072 |
|
|
1 |
% |
|
$ |
1,134,296 |
|
|
$ |
1,169,590 |
|
|
(3 |
)% |
Operating income |
|
$ |
223,919 |
|
|
$ |
248,497 |
|
|
(10 |
)% |
|
$ |
438,695 |
|
|
$ |
524,466 |
|
|
(16 |
)% |
Net earnings attributable to shareholders |
|
$ |
175,469 |
|
|
$ |
196,800 |
|
|
(11 |
)% |
|
$ |
344,621 |
|
|
$ |
422,811 |
|
|
(18 |
)% |
Diluted earnings attributable to shareholders per share |
|
$ |
1.24 |
|
|
$ |
1.30 |
|
|
(5 |
)% |
|
$ |
2.41 |
|
|
$ |
2.75 |
|
|
(12 |
)% |
Basic earnings attributable to shareholders per share |
|
$ |
1.24 |
|
|
$ |
1.31 |
|
|
(5 |
)% |
|
$ |
2.43 |
|
|
$ |
2.78 |
|
|
(13 |
)% |
Diluted weighted average shares outstanding |
|
|
141,716 |
|
|
|
151,563 |
|
|
|
|
|
142,928 |
|
|
|
153,516 |
|
|
|
||
Basic weighted average shares outstanding |
|
|
141,013 |
|
|
|
150,435 |
|
|
|
|
|
142,104 |
|
|
|
152,291 |
|
|
|
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.
During the three and six months ended
|
|
Employee Full-time Equivalents as of |
|
|||||
|
|
|
|
|
|
|
||
|
|
|
6,847 |
|
|
|
7,154 |
|
|
|
|
3,812 |
|
|
|
3,946 |
|
|
|
|
2,238 |
|
|
|
2,340 |
|
|
|
|
1,717 |
|
|
|
1,731 |
|
|
|
|
1,391 |
|
|
|
1,459 |
|
|
|
|
754 |
|
|
|
765 |
|
Information Systems |
|
|
1,291 |
|
|
|
1,247 |
|
Corporate |
|
|
413 |
|
|
|
411 |
|
Total |
|
|
18,463 |
|
|
|
19,053 |
|
|
|
Second quarter year-over-year percentage increase (decrease) in: |
||||
2024 |
|
Airfreight
|
|
Ocean freight
|
||
April |
|
13 |
% |
|
(3 |
)% |
May |
|
15 |
% |
|
(3 |
)% |
June |
|
19 |
% |
|
(2 |
)% |
Quarter |
|
15 |
% |
|
(3 |
)% |
Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on
AND SUBSIDIARIES |
||||||||
Condensed Consolidated Balance Sheets (In thousands, except per share data) (Unaudited) |
||||||||
|
|
|
|
|
|
|
||
Assets: |
|
|
|
|
|
|
||
Current Assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
1,271,853 |
|
|
$ |
1,512,883 |
|
Accounts receivable, less allowance for credit loss of
|
|
|
1,843,894 |
|
|
|
1,532,599 |
|
Deferred contract costs |
|
|
395,241 |
|
|
|
218,807 |
|
Other |
|
|
185,766 |
|
|
|
170,907 |
|
Total current assets |
|
|
3,696,754 |
|
|
|
3,435,196 |
|
Property and equipment, less accumulated depreciation and
|
|
|
461,494 |
|
|
|
479,225 |
|
Operating lease right-of-use assets |
|
|
537,114 |
|
|
|
516,280 |
|
|
|
|
7,927 |
|
|
|
7,927 |
|
Deferred federal and state income taxes, net |
|
|
69,646 |
|
|
|
63,690 |
|
Other assets, net |
|
|
15,406 |
|
|
|
21,491 |
|
Total assets |
|
$ |
4,788,341 |
|
|
$ |
4,523,809 |
|
Liabilities: |
|
|
|
|
|
|
||
Current Liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
1,073,476 |
|
|
$ |
860,856 |
|
Accrued liabilities, primarily salaries and related costs |
|
|
486,989 |
|
|
|
447,336 |
|
Contract liabilities |
|
|
474,507 |
|
|
|
280,909 |
|
Current portion of operating lease liabilities |
|
|
104,042 |
|
|
|
99,749 |
|
Federal, state and foreign income taxes |
|
|
21,904 |
|
|
|
15,562 |
|
Total current liabilities |
|
|
2,160,918 |
|
|
|
1,704,412 |
|
Noncurrent portion of operating lease liabilities |
|
|
448,996 |
|
|
|
427,984 |
|
Shareholders’ Equity: |
|
|
|
|
|
|
||
Preferred stock, none issued |
|
|
— |
|
|
|
— |
|
Common stock, par value |
|
|
1,406 |
|
|
|
1,439 |
|
Additional paid-in capital |
|
|
7,732 |
|
|
|
— |
|
Retained earnings |
|
|
2,385,740 |
|
|
|
2,580,968 |
|
Accumulated other comprehensive loss |
|
|
(218,457 |
) |
|
|
(192,057 |
) |
Total shareholders’ equity |
|
|
2,176,421 |
|
|
|
2,390,350 |
|
Noncontrolling interest |
|
|
2,006 |
|
|
|
1,063 |
|
Total equity |
|
|
2,178,427 |
|
|
|
2,391,413 |
|
Total liabilities and equity |
|
$ |
4,788,341 |
|
|
$ |
4,523,809 |
|
AND SUBSIDIARIES |
||||||||||||||||
Condensed Consolidated Statements of Earnings (In thousands, except per share data) (Unaudited) |
||||||||||||||||
|
|
Three months ended |
|
|
Six months ended |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Airfreight services |
|
$ |
860,323 |
|
|
$ |
751,171 |
|
|
$ |
1,619,697 |
|
|
$ |
1,656,074 |
|
Ocean freight and ocean services |
|
|
651,675 |
|
|
|
593,801 |
|
|
|
1,222,461 |
|
|
|
1,291,108 |
|
Customs brokerage and other services |
|
|
927,003 |
|
|
|
894,780 |
|
|
|
1,803,521 |
|
|
|
1,885,159 |
|
Total revenues |
|
|
2,439,001 |
|
|
|
2,239,752 |
|
|
|
4,645,679 |
|
|
|
4,832,341 |
|
Operating Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Airfreight services |
|
|
645,168 |
|
|
|
525,027 |
|
|
|
1,182,759 |
|
|
|
1,191,049 |
|
Ocean freight and ocean services |
|
|
478,121 |
|
|
|
405,807 |
|
|
|
892,104 |
|
|
|
889,489 |
|
Customs brokerage and other services |
|
|
516,119 |
|
|
|
488,349 |
|
|
|
997,825 |
|
|
|
1,057,747 |
|
Salaries and related |
|
|
426,431 |
|
|
|
428,558 |
|
|
|
839,593 |
|
|
|
878,406 |
|
Rent and occupancy |
|
|
59,597 |
|
|
|
58,205 |
|
|
|
120,849 |
|
|
|
115,837 |
|
Depreciation and amortization |
|
|
14,979 |
|
|
|
15,506 |
|
|
|
30,140 |
|
|
|
30,767 |
|
Selling and promotion |
|
|
7,998 |
|
|
|
6,314 |
|
|
|
14,777 |
|
|
|
12,698 |
|
Other |
|
|
66,669 |
|
|
|
63,489 |
|
|
|
128,937 |
|
|
|
131,882 |
|
Total operating expenses |
|
|
2,215,082 |
|
|
|
1,991,255 |
|
|
|
4,206,984 |
|
|
|
4,307,875 |
|
Operating income |
|
|
223,919 |
|
|
|
248,497 |
|
|
|
438,695 |
|
|
|
524,466 |
|
Other Income (Expense): |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Interest income |
|
|
11,904 |
|
|
|
17,792 |
|
|
|
26,782 |
|
|
|
36,567 |
|
Other, net |
|
|
98 |
|
|
|
(106 |
) |
|
|
3,626 |
|
|
|
5,728 |
|
Other income, net |
|
|
12,002 |
|
|
|
17,686 |
|
|
|
30,408 |
|
|
|
42,295 |
|
Earnings before income taxes |
|
|
235,921 |
|
|
|
266,183 |
|
|
|
469,103 |
|
|
|
566,761 |
|
Income tax expense |
|
|
60,770 |
|
|
|
70,390 |
|
|
|
123,552 |
|
|
|
144,970 |
|
Net earnings |
|
|
175,151 |
|
|
|
195,793 |
|
|
|
345,551 |
|
|
|
421,791 |
|
Less net earnings (losses) attributable to the noncontrolling
|
|
|
(318 |
) |
|
|
(1,007 |
) |
|
|
930 |
|
|
|
(1,020 |
) |
Net earnings attributable to shareholders |
|
$ |
175,469 |
|
|
$ |
196,800 |
|
|
$ |
344,621 |
|
|
$ |
422,811 |
|
Diluted earnings attributable to shareholders per share |
|
$ |
1.24 |
|
|
$ |
1.30 |
|
|
$ |
2.41 |
|
|
$ |
2.75 |
|
Basic earnings attributable to shareholders per share |
|
$ |
1.24 |
|
|
$ |
1.31 |
|
|
$ |
2.43 |
|
|
$ |
2.78 |
|
Weighted average diluted shares outstanding |
|
|
141,716 |
|
|
|
151,563 |
|
|
|
142,928 |
|
|
|
153,516 |
|
Weighted average basic shares outstanding |
|
|
141,013 |
|
|
|
150,435 |
|
|
|
142,104 |
|
|
|
152,291 |
|
AND SUBSIDIARIES |
||||||||||||||||
Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) |
||||||||||||||||
|
|
Three months ended |
|
|
Six months ended |
|
||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net earnings |
|
$ |
175,151 |
|
|
$ |
195,793 |
|
|
$ |
345,551 |
|
|
$ |
421,791 |
|
Adjustments to reconcile net earnings to net cash from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Provisions for losses (recoveries) on accounts receivable |
|
|
1,644 |
|
|
|
(167 |
) |
|
|
2,038 |
|
|
|
905 |
|
Deferred income tax benefit |
|
|
(6,917 |
) |
|
|
(3,560 |
) |
|
|
(4,623 |
) |
|
|
(1,524 |
) |
Stock compensation expense |
|
|
25,704 |
|
|
|
18,595 |
|
|
|
38,076 |
|
|
|
31,083 |
|
Depreciation and amortization |
|
|
14,979 |
|
|
|
15,506 |
|
|
|
30,140 |
|
|
|
30,767 |
|
Other, net |
|
|
1,885 |
|
|
|
2,564 |
|
|
|
3,870 |
|
|
|
3,723 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
(Increase) decrease in accounts receivable |
|
|
(286,085 |
) |
|
|
174,321 |
|
|
|
(346,627 |
) |
|
|
682,927 |
|
Increase (decrease) in accounts payable and accrued liabilities |
|
|
211,692 |
|
|
|
(149,986 |
) |
|
|
295,283 |
|
|
|
(352,909 |
) |
(Decrease) increase in deferred contract costs |
|
|
(122,258 |
) |
|
|
18,166 |
|
|
|
(186,320 |
) |
|
|
85,787 |
|
Increase (decrease) in contract liabilities |
|
|
135,067 |
|
|
|
(23,803 |
) |
|
|
204,375 |
|
|
|
(108,250 |
) |
Decrease in income taxes payable, net |
|
|
(29,854 |
) |
|
|
(93,817 |
) |
|
|
(7,168 |
) |
|
|
(93,726 |
) |
Increase in other, net |
|
|
5,761 |
|
|
|
4,834 |
|
|
|
9,078 |
|
|
|
4,284 |
|
Net cash from operating activities |
|
|
126,769 |
|
|
|
158,446 |
|
|
|
383,673 |
|
|
|
704,858 |
|
Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Purchase of property and equipment |
|
|
(7,943 |
) |
|
|
(10,481 |
) |
|
|
(18,124 |
) |
|
|
(20,607 |
) |
Other, net |
|
|
66 |
|
|
|
(794 |
) |
|
|
163 |
|
|
|
(219 |
) |
Net cash from investing activities |
|
|
(7,877 |
) |
|
|
(11,275 |
) |
|
|
(17,961 |
) |
|
|
(20,826 |
) |
Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Proceeds (payments) on borrowings on lines of credit, net |
|
|
1,259 |
|
|
|
1,311 |
|
|
|
(15,983 |
) |
|
|
(13,596 |
) |
Proceeds from issuance of common stock |
|
|
6,449 |
|
|
|
9,176 |
|
|
|
14,478 |
|
|
|
18,464 |
|
Repurchases of common stock |
|
|
(102,300 |
) |
|
|
(687,689 |
) |
|
|
(462,824 |
) |
|
|
(901,191 |
) |
Dividends paid |
|
|
(102,638 |
) |
|
|
(102,263 |
) |
|
|
(102,638 |
) |
|
|
(102,263 |
) |
Payments for taxes related to net share settlement of equity awards |
|
|
(10,163 |
) |
|
|
(12,056 |
) |
|
|
(15,348 |
) |
|
|
(19,501 |
) |
Net cash from financing activities |
|
|
(207,393 |
) |
|
|
(791,521 |
) |
|
|
(582,315 |
) |
|
|
(1,018,087 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
(10,102 |
) |
|
|
(7,857 |
) |
|
|
(24,427 |
) |
|
|
(1,489 |
) |
Change in cash and cash equivalents |
|
|
(98,603 |
) |
|
|
(652,207 |
) |
|
|
(241,030 |
) |
|
|
(335,544 |
) |
Cash and cash equivalents at beginning of period |
|
|
1,370,456 |
|
|
|
2,350,794 |
|
|
|
1,512,883 |
|
|
|
2,034,131 |
|
Cash and cash equivalents at end of period |
|
$ |
1,271,853 |
|
|
$ |
1,698,587 |
|
|
$ |
1,271,853 |
|
|
$ |
1,698,587 |
|
Taxes Paid: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income taxes |
|
$ |
96,739 |
|
|
$ |
173,670 |
|
|
$ |
133,603 |
|
|
$ |
244,456 |
|
AND SUBSIDIARIES Business Segment Information (In thousands) (Unaudited) |
||||||||||||||||||||||||||||||||||||
|
|
UNITED
|
|
|
OTHER
|
|
|
LATIN
|
|
|
NORTH
|
|
|
SOUTH
|
|
|
|
|
|
MIDDLE
|
|
|
ELIMI-
|
|
|
CONSOLI-
|
|
|||||||||
For the three months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Revenues |
|
$ |
779,170 |
|
|
|
110,723 |
|
|
|
45,314 |
|
|
|
637,351 |
|
|
|
287,943 |
|
|
|
409,455 |
|
|
|
170,349 |
|
|
|
(1,304 |
) |
|
|
2,439,001 |
|
Directly related cost of transportation and other expenses1 |
|
$ |
423,102 |
|
|
|
65,374 |
|
|
|
24,640 |
|
|
|
512,146 |
|
|
|
223,238 |
|
|
|
262,451 |
|
|
|
128,949 |
|
|
|
(492 |
) |
|
|
1,639,408 |
|
Salaries and other operating expenses2 |
|
$ |
263,675 |
|
|
|
34,339 |
|
|
|
14,551 |
|
|
|
70,762 |
|
|
|
43,084 |
|
|
|
119,713 |
|
|
|
30,352 |
|
|
|
(802 |
) |
|
|
575,674 |
|
Operating income |
|
$ |
92,393 |
|
|
|
11,010 |
|
|
|
6,123 |
|
|
|
54,443 |
|
|
|
21,621 |
|
|
|
27,291 |
|
|
|
11,048 |
|
|
|
(10 |
) |
|
|
223,919 |
|
Identifiable assets at period end |
|
$ |
2,566,053 |
|
|
|
173,764 |
|
|
|
93,967 |
|
|
|
626,892 |
|
|
|
336,598 |
|
|
|
738,068 |
|
|
|
284,672 |
|
|
|
(31,673 |
) |
|
|
4,788,341 |
|
Capital expenditures |
|
$ |
2,948 |
|
|
|
575 |
|
|
|
129 |
|
|
|
355 |
|
|
|
1,955 |
|
|
|
1,094 |
|
|
|
887 |
|
|
|
— |
|
|
|
7,943 |
|
Equity |
|
$ |
1,546,936 |
|
|
|
32,700 |
|
|
|
41,135 |
|
|
|
163,913 |
|
|
|
129,886 |
|
|
|
151,165 |
|
|
|
153,155 |
|
|
|
(40,463 |
) |
|
|
2,178,427 |
|
For the three months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Revenues |
|
$ |
805,948 |
|
|
|
110,255 |
|
|
|
49,972 |
|
|
|
510,027 |
|
|
|
199,868 |
|
|
|
440,916 |
|
|
|
123,972 |
|
|
|
(1,206 |
) |
|
|
2,239,752 |
|
Directly related cost of transportation and other expenses1 |
|
$ |
426,121 |
|
|
|
69,108 |
|
|
|
29,428 |
|
|
|
387,973 |
|
|
|
134,477 |
|
|
|
288,808 |
|
|
|
83,890 |
|
|
|
(623 |
) |
|
|
1,419,182 |
|
Salaries and other operating expenses2 |
|
$ |
256,277 |
|
|
|
34,793 |
|
|
|
16,265 |
|
|
|
68,290 |
|
|
|
44,048 |
|
|
|
125,196 |
|
|
|
27,820 |
|
|
|
(616 |
) |
|
|
572,073 |
|
Operating income |
|
$ |
123,550 |
|
|
|
6,354 |
|
|
|
4,279 |
|
|
|
53,764 |
|
|
|
21,343 |
|
|
|
26,912 |
|
|
|
12,262 |
|
|
|
33 |
|
|
|
248,497 |
|
Identifiable assets at period end |
|
$ |
2,553,553 |
|
|
|
192,362 |
|
|
|
115,458 |
|
|
|
495,229 |
|
|
|
213,026 |
|
|
|
748,449 |
|
|
|
258,849 |
|
|
|
(12,886 |
) |
|
|
4,564,040 |
|
Capital expenditures |
|
$ |
6,623 |
|
|
|
161 |
|
|
|
46 |
|
|
|
352 |
|
|
|
168 |
|
|
|
2,336 |
|
|
|
795 |
|
|
|
— |
|
|
|
10,481 |
|
Equity |
|
$ |
1,873,220 |
|
|
|
45,252 |
|
|
|
59,289 |
|
|
|
220,638 |
|
|
|
93,476 |
|
|
|
146,174 |
|
|
|
158,133 |
|
|
|
(38,078 |
) |
|
|
2,558,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
UNITED
|
|
|
OTHER
|
|
|
LATIN
|
|
|
NORTH
|
|
|
SOUTH
|
|
|
|
|
|
MIDDLE
|
|
|
ELIMI-
|
|
|
CONSOLI-
|
|
|||||||||
For the six months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Revenues |
|
$ |
1,530,713 |
|
|
|
217,573 |
|
|
|
89,806 |
|
|
|
1,182,292 |
|
|
|
515,662 |
|
|
|
807,772 |
|
|
|
304,455 |
|
|
|
(2,594 |
) |
|
|
4,645,679 |
|
Directly related cost of transportation and other expenses1 |
|
$ |
827,051 |
|
|
|
132,084 |
|
|
|
49,104 |
|
|
|
938,620 |
|
|
|
387,262 |
|
|
|
516,970 |
|
|
|
222,741 |
|
|
|
(1,144 |
) |
|
|
3,072,688 |
|
Salaries and other operating expenses2 |
|
$ |
519,383 |
|
|
|
67,423 |
|
|
|
31,315 |
|
|
|
138,022 |
|
|
|
83,996 |
|
|
|
236,801 |
|
|
|
58,816 |
|
|
|
(1,460 |
) |
|
|
1,134,296 |
|
Operating income |
|
$ |
184,279 |
|
|
|
18,066 |
|
|
|
9,387 |
|
|
|
105,650 |
|
|
|
44,404 |
|
|
|
54,001 |
|
|
|
22,898 |
|
|
|
10 |
|
|
|
438,695 |
|
Identifiable assets at period end |
|
$ |
2,566,053 |
|
|
|
173,764 |
|
|
|
93,967 |
|
|
|
626,892 |
|
|
|
336,598 |
|
|
|
738,068 |
|
|
|
284,672 |
|
|
|
(31,673 |
) |
|
|
4,788,341 |
|
Capital expenditures |
|
$ |
8,476 |
|
|
|
1,974 |
|
|
|
282 |
|
|
|
637 |
|
|
|
2,099 |
|
|
|
3,312 |
|
|
|
1,344 |
|
|
|
— |
|
|
|
18,124 |
|
Equity |
|
$ |
1,546,936 |
|
|
|
32,700 |
|
|
|
41,135 |
|
|
|
163,913 |
|
|
|
129,886 |
|
|
|
151,165 |
|
|
|
153,155 |
|
|
|
(40,463 |
) |
|
|
2,178,427 |
|
For the six months ended |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Revenues |
|
$ |
1,751,442 |
|
|
|
220,105 |
|
|
|
104,667 |
|
|
|
1,092,448 |
|
|
|
423,995 |
|
|
|
975,380 |
|
|
|
266,675 |
|
|
|
(2,371 |
) |
|
|
4,832,341 |
|
Directly related cost of transportation and other expenses1 |
|
$ |
966,078 |
|
|
|
138,313 |
|
|
|
61,730 |
|
|
|
840,315 |
|
|
|
292,100 |
|
|
|
661,068 |
|
|
|
179,839 |
|
|
|
(1,159 |
) |
|
|
3,138,284 |
|
Salaries and other operating expenses2 |
|
$ |
523,960 |
|
|
|
70,617 |
|
|
|
35,767 |
|
|
|
139,430 |
|
|
|
90,846 |
|
|
|
252,568 |
|
|
|
57,652 |
|
|
|
(1,249 |
) |
|
|
1,169,591 |
|
Operating income |
|
$ |
261,404 |
|
|
|
11,175 |
|
|
|
7,170 |
|
|
|
112,703 |
|
|
|
41,049 |
|
|
|
61,744 |
|
|
|
29,184 |
|
|
|
37 |
|
|
|
524,466 |
|
Identifiable assets at period end |
|
$ |
2,553,553 |
|
|
|
192,362 |
|
|
|
115,458 |
|
|
|
495,229 |
|
|
|
213,026 |
|
|
|
748,449 |
|
|
|
258,849 |
|
|
|
(12,886 |
) |
|
|
4,564,040 |
|
Capital expenditures |
|
$ |
12,067 |
|
|
|
630 |
|
|
|
276 |
|
|
|
942 |
|
|
|
335 |
|
|
|
5,319 |
|
|
|
1,038 |
|
|
|
— |
|
|
|
20,607 |
|
Equity |
|
$ |
1,873,220 |
|
|
|
45,252 |
|
|
|
59,289 |
|
|
|
220,638 |
|
|
|
93,476 |
|
|
|
146,174 |
|
|
|
158,133 |
|
|
|
(38,078 |
) |
|
|
2,558,104 |
|
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240805786675/en/
President and Chief Executive Officer
(206) 674-3433
Senior Vice President and Chief Financial Officer
(206) 674-3412
Director - Investor Relations
(206) 892-4510
Source: