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Expeditors International
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expd-ex99_1.htm
FOURTH QUARTERExhibit 99.1
EARNINGS RELEASE
Expeditors International of Washington, Inc.
Sterling Plaza 2, 3rd Floor
3545 Factoria Blvd. SE
Bellevue, Washington 98006
Jeffrey S. Musser
Bradley S. Powell
Geoffrey Buscher
President and Chief Executive Officer
Senior Vice President and Chief Financial Officer
(206) 674-3433
(206) 674-3412
(206) 892-4510
FOR IMMEDIATE RELEASE
EXPEDITORS REPORTS FOURTH QUARTER 2024 EPS OF $1.68
BELLEVUE, WASHINGTON - February 18, 2025, Expeditors International of Washington, Inc. (NYSE:EXPD) today announced fourth quarter 2024 financial results including the following comparisons to the same quarter of 2023:
- Diluted Net Earnings Attributable to Shareholders per share (EPS1) increased 54% to $1.68
- Net Earnings Attributable to Shareholders increased 49% to $236 million
- Operating Income increased 51% to $301 million
- Revenues increased 30% to $3.0 billion
- Airfreight tonnage increased 11% and ocean container volume increased 14%
"As in Q3 2024, our fourth quarter results demonstrate our ability to adapt to highly volatile conditions and win new business," said Jeffrey S. Musser, President and Chief Executive Officer. "Strong demand from Asia, along with heavy de minimis-driven e-commerce business and increased demand for technology products, limited access to air capacity. At the same time, we believe ocean capacity was partially hampered by front-loading, as shippers scrambled to limit disruptions from potential port labor actions, and by longer transits as carriers continued to avoid the Red Sea. Turbulent conditions such as these are when Expeditors tends to perform at its best, as we double-down to find solutions for our customers to avoid the worst of the chaos and keep their freight moving.
"All of our primary businesses performed very well again in the fourth quarter and we moved more air tonnage than we have since Q4 2021. Strong demand out of Asia drove rate increases and segment growth in both the quarter and during the second half of 2024. Disruption-driven ocean demand led to significantly increased rates and strained capacity, leading to increased year-over-year growth. Strong demand generally for ocean transportation combined with longer transit times and capacity issues caused by the disruptions in the Red Sea resulted in significant increases in overall average buy and sell rates and growth in volumes. Growth in air and ocean shipments helped drive an increase in fees for customs declarations and services. We also grew our road freight and warehousing and distribution businesses during the quarter.
"We continue to have limited visibility going forward. It is extremely difficult to predict the impact to global air supply and demand that may result from actions such as the anticipated U.S. elimination of certain de minimis exemptions. So, too, whether recessed Red Sea hostilities will lead to resumed ocean transit via that route remains to be seen. Geopolitical words and action are driving disruption at a faster pace than we can ever recall, and national policies regarding tariffs and other similar measures are highly unclear in many countries around the globe. However, whether accessing scarce capacity or navigating increasingly complex customs requirements, we believe we are at our finest during chaotic times like these. We remain flexible and steadfastly focused on serving our customers to keep their freight moving across borders during such unpredictable times."
1Diluted earnings attributable to shareholders per share.
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