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Expeditors Announces 2010 Fourth Quarter Earnings Per Share of $.45 1

Dépèche transmise le 22 février 2011 par Business Wire

SEATTLE--(BUSINESS WIRE)--Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced quarterly total revenues and operating income of $1,582,135,000 and $148,572,000 as compared with $1,246,911,000 and $110,354,000 for the same quarter of 2009, an increase of 27% and 35%, respectively. Net earnings attributable to shareholders were $96,502,000 for the fourth quarter of 2010, compared with $69,135,000 for the same quarter of 2009, an increase of 40%. Net revenues for the fourth quarter of 2010 increased 23% to $453,362,000 as compared with $369,712,000 reported for the fourth quarter of 2009. Diluted net earnings attributable to shareholders per share for the fourth quarter were $.45 as compared with $.32 for the same quarter in 2009, an increase of 41%. The Company also reported that same store net revenues and operating income increased 23% and 35%, respectively, for the fourth quarter of 2010 when compared with 2009.

“What a difference a year makes! Last year we closed our 2009 fourth quarter earnings release by saying ‘Having proven our mettle in 2009, we’re excited about 2010.’ How prophetic those words turned out to be”

For the year ended December 31, 2010, total revenues and operating income were $5,967,573,000 and $547,230,000 as compared with $4,092,283,000 and $385,001,000 for the same period in 2009, increases of 46% and 42%, respectively. Net earnings attributable to shareholders rose to $344,172,000 from $240,217,000 in 2009, an increase of 43%. Net revenues for the year increased to $1,692,786,000 from $1,382,786,000 for 2009, up 22%. Diluted net earnings attributable to shareholders per share for the year 2010 were $1.59 as compared with $1.11 for the same period of 2009, a 43% increase. Same store net revenues and operating income increased 22% and 42%, respectively, for the year ended December 31, 2010, when compared with the same period of 2009.

“What a difference a year makes! Last year we closed our 2009 fourth quarter earnings release by saying ‘Having proven our mettle in 2009, we’re excited about 2010.’ How prophetic those words turned out to be,” said Peter J. Rose, Chairman and Chief Executive Officer. “Our 2010 was absolutely outstanding by any measure and this fourth quarter was, simply put, a great ending to an incredible year. The fourth quarter was also remarkable in that, despite handling the large year-over-year increases in shipment and clearance activity, none of the anomalies that can occur in theses kinds of environments reared their ugly heads. The competitive market mechanisms worked as close to perfect as we can remember experiencing them. Our people successfully handled some amazing volumes. Because of our no-layoff policy in 2009, we had the capacity and the experience to absorb anything 2010 threw at us,” Rose went on to say.

“The fourth quarter, just like all of 2010, was a classic case study of what happens when you don’t panic, when you trust in your people and your culture and when you rely on your proven business model. If we had lost our confidence and succumbed to the myriad of pressures we encountered in 2009, we might well have joined the ‘lemming layoff brigade.’ Had we done that, we would not have had the staying power to see our way through the volume challenges, and the corresponding opportunities, that presented themselves in 2010. Experience and tenure is what really pays off in these situations, particularly if you have the confidence to lead…which fortunately, our people did. This wasn’t our first recession, it was merely our worst. We learned from experience that a recession is the least costly time to make investments. We have always thought that recessionary investments, particularly those in technology, productivity and process improvement, have higher rates of return, as the economy turns....and indeed they did. Finally, we were grateful for the opportunity to show how much we truly appreciate and value our greatest assets, our people…and that is why they’re still here servicing more customers and creating value for our shareholders! And yes, we’re excited for whatever challenges and opportunities will come our way in 2011,” concluded Rose.

Expeditors is a global logistics company headquartered in Seattle, Washington. The company employs trained professionals in 184 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 Year ended
December 31, 2010 and 2009
(Unaudited)

(in 000's except share data)

 
    Three months ended December 31,         Year ended December 31,    
    %     %
2010 2009 Increase 2010 2009 Increase
Revenues $ 1,582,135 $ 1,246,911 27 % $ 5,967,573 $ 4,092,283 46 %
Net revenues $ 453,362 $ 369,712 23 % $ 1,692,786 $ 1,382,786 22 %
Operating income $ 148,572 $ 110,354 35 % $ 547,230 $ 385,001 42 %
Net earnings attributable to shareholders1

$

96,502

$

69,135

40

%

$

344,172

$

240,217

43

%

Diluted earnings attributable to shareholders per share

 

 

$

.45

$

.32

41

%

$

1.59

$

1.11

43

%

Basic earnings attributable to shareholders per share

$

.45

$

.33

36

%

$

1.62

$

1.13

43

%

Weighted average diluted shares outstanding

216,587,468

216,378,536

216,446,656

216,533,240

Weighted average basic shares outstanding

212,217,035

211,992,092

212,283,966

212,112,744

_______________________

 

1 The Company’s consolidated effective tax rate was lower in the fourth quarter and year 2010 as compared to the same periods in 2009 primarily as a result of a higher tax benefit received for disqualified dispositions of incentive stock options in 2010.

 

During the fourth quarter of 2010, the Company opened one full-service office in Curitiba, Brazil and one satellite office in Belo Horizonte, Brazil. The Company closed one satellite office in Lewiston, New York.

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 February 25, 2011 will be considered in management’s 8-K “Responses to Selected Questions” expected to be filed on or about March 4, 2011.

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 economic trends, capacity to absorb additional volumes, positive trends in business volume, ability to benefit from opportunities in 2011, ability to continue our culture and business model, ability to realize higher rates of return from investments in technology, productivity, and process improvement, any future tax benefits from disqualified dispositions of incentive stock options and ability to create shareholder value. 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)
     
 
December 31,     December 31,

Assets

2010     2009
 
Current assets:
  Cash and cash equivalents $ 1,084,465 $ 925,929
Short-term investments 524 655
Accounts receivable, net 1,003,884 810,369
Deferred Federal and state income taxes 8,706 8,338
Other current assets   42,776   42,539
Total current assets   2,140,355   1,787,830
 
Property and equipment, net 498,648 495,701
Goodwill, net 7,927 7,927
Other intangibles, net 3,716 4,938
Other assets, net   28,533   27,326
$ 2,679,179 $ 2,323,722

Liabilities and Equity

 
Current liabilities:
Accounts payable 652,161 546,675
Accrued expenses, primarily salaries and related costs 177,869 145,545
Federal, state and foreign income taxes   31,948   16,166
Total current liabilities   861,978   708,386
 
Deferred Federal and state income taxes 69,047 53,989
 
Commitments and contingencies
 
Shareholders' equity:
Preferred stock; none issued -- --

Common stock, par value $.01 per share; issued and outstanding 212,047,774 shares at December 31, 2010 and 212,025,494 shares at December 31, 2009

2,120 2,120
Additional paid-in capital 13,412 18,265
Retained earnings 1,717,249 1,532,018
Accumulated other comprehensive income   8,125   604
Total shareholders' equity   1,740,906   1,553,007
 
Noncontrolling interest   7,248   8,340
Total equity   1,748,154   1,561,347
   
$ 2,679,179 $ 2,323,722
 
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except share data)
(Unaudited)
                   
 
Three months ended Twelve months ended
December 31, December 31,
2010 2009 2010 2009
Revenues:
Airfreight services $ 778,009 $ 628,097 $ 2,821,828 $ 1,831,317
Ocean freight and ocean services 481,263 348,305 1,955,400 1,297,685
Customs brokerage and other services   322,863     270,509     1,190,345     963,281  
Total revenues   1,582,135     1,246,911     5,967,573     4,092,283  
 
Operating expenses:
Airfreight consolidation 604,309 493,711 2,181,598 1,341,842
Ocean freight consolidation 379,250 268,612 1,569,877 973,462
Customs brokerage and other services 145,214 114,876 523,312 394,193
Salaries and related costs 237,822 202,697 894,132 774,214
Rent and occupancy costs 19,988 19,463 77,209 74,324
Depreciation and amortization 9,310 9,910 36,900 40,035
Selling and promotion 9,593 7,985 32,055 26,295
Other   28,077     19,303     105,260     82,917  
Total operating expenses   1,433,563     1,136,557     5,420,343     3,707,282  
 
Operating income   148,572     110,354     547,230     385,001  
 
Interest income 2,064 1,924 7,002 10,177
Interest expense (198 ) (95 ) (576 ) (499 )
Other, net   1,181     367     10,412     8,193  
Other income, net   3,047     2,196     16,838     17,871  
 
Earnings before income taxes 151,619 112,550 564,068 402,872
 
Income tax expense 55,171 42,900 219,863 162,475
       
Net earnings   96,448     69,650     344,205     240,397  
 
Less: net earnings attributable to noncontrolling interest (54 ) 515 33 180
       
Net earnings attributable to shareholders $ 96,502   $ 69,135   $ 344,172   $ 240,217  
 
Diluted earnings attributable to shareholders per share $ 0.45   $ 0.32   $ 1.59   $ 1.11  
 
Basic earnings attributable to shareholders per share $ 0.45   $ 0.33   $ 1.62   $ 1.13  
 
Dividends declared and paid per common share $ 0.20   $ 0.19   $ 0.40   $ 0.38  

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