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Expeditors International reports lower second quarter profit
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Expeditors International reports lower second quarter profit
Aug 6, 2024 6:46 AM

Aug 6 (Reuters) - Logistics provider Expeditors

International of Washington ( EXPD ) reported a second-quarter

profit below Wall Street estimates on Tuesday, hurt by low

demand and geopolitical challenges weighing on its airfreight

and ocean routing divisions.

The Seattle, Washington-based company said that the surge in

e-commerce demand strained its air market capacity, while the

political tensions in the Red Sea disrupted its ocean routing

unit.

"We have continued to adjust to the disruptions and uneven

demand, keeping costs in check while we work to bring efficiency

back in line with historical expectations," Expeditors CEO

Jeffrey Musser said.

The company's net income in the second quarter ended June 30

fell to $175 million or $1.24 per share, compared with $196.8

million or $1.30 per share a year ago.

Analysts, on average, expected the company to report a

profit of $1.26 per share, according to LSEG data.

The company, which has a presence in more than 100

countries, reported a 9% rise in quarterly revenue to $2.4

billion, beating analysts' estimates of about $2.28 billion.

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