SEATTLE (AP) ? Expeditors International of Washington Inc. said Tuesday that its second-quarter net income fell 12 percent on lower demand for shipping services and higher costs stemming from tough economic conditions.
The Seattle-based global logistics company earned $84 million, or 39 cents per share, for the three months ended June 30, down from $95 million, or 44 cents per share, a year ago. Revenue fell 4.8 percent to $1.5 billion from $1.58 billion.
The results fell short of Wall Street predictions. Analysts, on average, expected earnings of 43 cents per share on $1.6 billion in revenue, according to a FactSet poll.
Airfreight volumes fell 10 percent from year-ago levels, while airfreight revenue decreased 15 percent to $638.5 million. Volumes at the company's ocean freight business rose 1 percent and ocean freight revenue rose 6.6 percent to $519 million, the company said.
Shares of Expeditors fell 50 cents, or 1.4 percent, to $35.54 in afternoon trading. They are near the lower end of their 52-week range of $34.83 to $47.73.
Source: http://news.yahoo.com/expeditors-international-2q-profit-falls-12-pct-191825110--finance.html
brandon phillips summerfest summerfest fidel castro rick santorum ozzie guillen castro comments phish
No comments:
Post a Comment