Expeditors International falls after Q4 profit miss

Expeditors International of Washington

20/02/2024 16:20

** Shares of logistics firm Expeditors International of
Washington  EXPD.N  falls 6.4% to $116.23
    ** EXPD set for steepest one-day percentage fall in almost
two years
    ** EXPD reports Q4 profit at $1.09/shr, compared with
estimates of $1.23/shr, as per LSEG data
    ** Co also reports Q4 revenue of $2.28 bln, coming in below
estimates of $2.31 bln
    ** EXPD seeks to cut more costs to combat a downturn in
freight demand that pressured its Q4 results
    ** "We continue to face further market uncertainty due to
the current conflicts in the Middle East and on the Red Sea," -
CEO Jeffrey Musser
    ** Expenses are still high when compared to efficiency
target - CFO Bradley Powell
    ** Revenues from air freight segment fell to $866.1 mln from
$1.20 bln last year, and its ocean freight segment reported a
revenue of $511.9 mln, compared with $1.12 bln last year
    ** Stock is down 8% YTD

 (Reporting by Pranav Kashyap in Bengaluru)
 ((Pranav.Kashyap@thomsonreuters.com;))