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EXPDTR INT WSHTON : Expeditors Reports Record Second Quarter 2010 EPS of $.42 Per Share 1

08/02/2010 | 09:10am US/Eastern

Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced record net earnings attributable to shareholders of $90,318,000 for the second quarter of 2010, as compared with $54,070,000 for the same quarter of 2009, an increase of 67%. Net revenues for the second quarter of 2010 increased 27% to $418,858,000 as compared with $330,047,000 reported for the second quarter of 2009. Total revenues and operating income were $1,516,770,000 and $138,496,000 in 2010, as compared with $895,360,000 and $86,927,000 for the same quarter of 2009, increases of 69% and 59%, respectively. Diluted net earnings attributable to shareholders per share for the second quarter were $.42, as compared with $.25 for the same quarter in 2009, an increase of 68%.

For the six months ended June 30, 2010, net earnings attributable to shareholders was $151,565,000, as compared with $113,330,000 in 2009, an increase of 34%. Net revenues for the six months increased to $780,681,000 from $666,562,000 for 2009, up 17%. Total revenues and operating income for the six months were $2,717,879,000 and $239,037,000 in 2010, as compared with $1,808,045,000 and $178,401,000 for the same period in 2009, increases of 50% and 34%, respectively. Diluted net earnings attributable to shareholders per share for the first two quarters of 2010 were $.70, as compared with $.52 for the same period of 2009, an increase of 35%.

?The ultimate testament to the strength of this quarter might be that when the numbers were finalized, we'd actually managed to surprise ourselves by a couple of cents,? said Peter J. Rose, Chairman and Chief Executive Officer. ?Having the opportunity to add value to the supply-chains of successful companies is what adds value to Expeditors. 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. The fact that this quarter's net revenue was actually 5% higher than second quarter 2008 levels was particularly reassuring. While it's much too soon to extrapolate this quarter's results over the remainder of 2010, we think operating above second quarter 2008 levels is a positive development,? Rose went on to say.

?Our philosophy these last several years has been to try to not do anything stupid. We simply did what we've always done; focusing on improving customer service; taking market share by adding new customers; taking care of our people by not doing lay-offs; and making ourselves more productive through continued process improvement efforts. Boring consistency is what we do best,? Rose continued. ?Some may point to ?lower yields,' or the $.01 to $.02 per share1 benefit coming from foreign exchange gains and a somewhat lower tax rate, but those factors aren't the main thrust of what happened during the second quarter of 2010. The main story this quarter was the outstanding job, from both a productivity and customer service perspective, that our people did navigating the myriad market challenges required to manage those incredibly large freight volumes our customers entrusted to us. We're grateful to our employees for their unfailing efforts, and to our customers for the confidence they've shown by trusting us with their business,? Rose concluded.

Expeditors is a global logistics company headquartered in Seattle, Washington. The company employs trained professionals in 183 full-service offices, 65 satellite locations and 2 international service centers located on six continents linked into a seamless worldwide network through an integrated information management system. Services include air and ocean freight forwarding, vendor consolidation, customs clearance, marine insurance, distribution and other value added international logistics services.

1 Diluted earnings attributable to shareholders per share.

NOTE: See Disclaimer on Forward-Looking Statements on the following page of this release.

Expeditors International of Washington, Inc.

Financial Highlights

Three months and Six months ended

June 30, 2010 and 2009

Unaudited

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

                     
Three Months Ended June 30,   Six Months Ended June 30,  

2010

   

2009

  %

Increase

 

2010

   

2009

  %

Increase

 
Revenues $ 1,516,770   $ 895,360 69 % $ 2,717,879   $ 1,808,045 50   %
Net revenues $ 418,858 $ 330,047 27 % $ 780,681 $ 666,562 17 %
Operating income $ 138,496 $ 86,927 59 % $ 239,037 $ 178,401 34 %
Net earnings attributable to shareholders $ 90,318 $ 54,070 67 % $ 151,565 $ 113,330 34 %
Diluted earnings attributable to shareholders $ .42 $ .25 68 % $ .70 $ .52 35 %
Basic earnings attributable to shareholders $ .43 $ .25 72 % $ .71 $ .53 34 %

Diluted weighted average shares outstanding

 

216,460,977

 

216,653,968

 

 

216,576,596

 

216,519,551

 

Basic weighted average shares outstanding

 

212,332,375

 

212,116,679

 

212,262,928

 

212,108,636

 

 

Percentage increases in same store net revenues and operating income were approximately the same as amounts reported above.

During the second quarter of 2010, the Company opened two full-service offices: 1) in Oslo, Norway (formerly an agent location); and 2) Zhongshan, People's Republic of China (formerly a satellite of Shenzhen, People's Republic of China).

Investors may submit written questions via e-mail to: investor@expeditors.com

Or by fax to: (206) 674-3459

Questions received by the end of business on August 6, 2010 will be considered in management's 8-K ?Responses to Selected Questions? expected to be filed on or about August 13, 2010.

Disclaimer on Forward-Looking Statements:

Certain portions of this release contain forward-looking statements which are based on certain assumptions and expectations of future events that are subject to risks and uncertainties, including comments on future economic trends, improving business climate, positive trends in freight volumes, ability to improve productivity and acquire market share, and changes in foreign exchange rates. Actual future results and trends may differ materially from historical results or those projected in any forward-looking statements depending on a variety of factors including, but not limited to, our ability to maintain consistent and stable operating results, future success of our business model, ability to perpetuate profits, changes in customer demand for Expeditors' services caused by a general economic slow-down, customers' inventory build-up, decreased consumer confidence, volatility in equity markets, energy prices, political changes, regulatory changes or the unpredictable acts of competitors and other risks, risk factors and uncertainties detailed in our Annual and Quarterly Reports filed with the Securities and Exchange Commission.

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
         
 
June 30, December 31,

Assets

  2010       2009
 
Current assets:
Cash and cash equivalents $ 960,300 $ 925,929
Short-term investments 705 655
Accounts receivable, net 1,016,575 810,369
Deferred Federal and state income taxes 8,141 8,338
Other current assets   36,686     42,539
Total current assets   2,022,407     1,787,830
 
Property and equipment, net 483,827 495,701
Goodwill, net 7,927 7,927
Other intangibles, net 4,218 4,938
Other assets, net   28,163     27,326
$ 2,546,542   $ 2,323,722

Liabilities and Equity

 
Current liabilities:
Accounts payable 659,237 546,675
Accrued expenses, primarily salaries and related costs 176,943 145,545
Federal, state and foreign income taxes   28,356     16,166
Total current liabilities   864,536     708,386
 
Deferred Federal and state income taxes 47,198 53,989
 
Commitments and contingencies
 
Shareholders' equity:
Preferred stock; none issued -- --

Common stock, par value $.01 per share; issued and
outstanding 212,018,342 shares at June 30, 2010
and 212,025,494 shares at December 31, 2009

2,120 2,120
Additional paid-in capital 6,572 18,265
Retained earnings 1,634,771 1,532,018
Accumulated other comprehensive (loss) income   (17,043 )   604
Total shareholders' equity   1,626,420     1,553,007
 
Noncontrolling interest   8,388     8,340
Total equity   1,634,808     1,561,347
   
$ 2,546,542   $ 2,323,722
 
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except share data)
(Unaudited)
             
 

© Business Wire 2010
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