Airfreight company Expeditors International of Washington (NASDAQ:EXPD) reported a surge in profits during its second quarter on higher demand for courier and freight services.
Expeditors International, which is considerably smaller than competitors FedEx (NYSE:FDX) and UPS (NYSE:UPS), said it earned $90.3 million last quarter, or 42 cents per share, up from $54.1 million, or 25 cents per share, a year ago. Revenue in the quarter was $1.52 billion, up from $1.2 billion the quarter before.
Analysts had been looking for Expeditors to post a profit of 38 cents per share on revenue of $1.355 billion, based on estimates by Thomson Reuters.
The company’s airfreight business reported a near doubling or profits to $732.8 million while ocean freight reported a 65% rise in profits to $493.6 million.
“We were somewhat awed by the strength that we saw in our customers’ supply chains this quarter and we’re obviously very grateful they chose to work with us. It was impressive that airfreight tonnage and ocean freight container count this quarter were up 54% and 26%, respectively, compared with the second quarter of 2009,” said Peter Rose, chairman and CEO, in a statement.