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Expeditors Announces 46% First Quarter Operating Income Increase

Dépèche transmise le 4 mai 2011 par Business Wire

SEATTLE--(BUSINESS WIRE)--Expeditors International of Washington, Inc. (NASDAQ: EXPD) today announced net earnings attributable to shareholders of $91,232,000 for the first quarter of 2011, as compared with $61,247,000 for the same quarter of 2010, an increase of 49%. Net revenues for the first quarter increased 25% to $453,915,000 as compared with $361,823,000 reported for the first quarter of 2010. Total revenues and operating income were $1,460,848,000 and $147,230,000 for the first quarter of 2011, as compared with $1,201,109,000 and $100,541,000 for the same quarter of 2010, increases of 22% and 46%, respectively. Diluted net earnings attributable to shareholders per share for the first quarter were $.42 as compared with $.28 for the same quarter in 2010, an increase of 50%. The Company also reported that same store net revenues and operating income increased 25% and 46%, respectively, during the first quarter of 2011, as compared with the same period in 2010.

“We were also impressed with the extent that productivity initiatives continue to benefit our operating income growth. A focus on strong market share growth and efficient operations has been the solid foundation upon which we continue to build our company”

“We should start off by acknowledging that this was an outstanding quarter by every measure. We always like to point out that it is our people, working in concert with our service providers, who really make this happen, and it is our customers who have given us the opportunities. We’re grateful to all of them. The most remarkable thing to us about this 2011 first quarter was the strong across the board operating income growth. All of our geographic operating segments made outstanding contributions. We think this means that we must be doing something right, not just in a few offices, but throughout our global network,” said Peter J. Rose, Chairman and Chief Executive Officer. “We were also impressed with the extent that productivity initiatives continue to benefit our operating income growth. A focus on strong market share growth and efficient operations has been the solid foundation upon which we continue to build our company,” Rose went on to say.

“Whenever we report above-consensus results, there follows a great deal of curiosity by some about what that means for our future expectations. Often a ‘mechanical upward adjustment’ by the amount we exceeded that quarter’s consensus is added onto to what were already challenging future expectations. Those who know us well know that we always decline to make projections and forecasts. What we do try to offer, however, are things that we think about internally that we wish everyone externally would consider. We think about rising fuel costs, rising costs in general, as inflation (which is now globally topical after not having been mentioned for years) and global political unrest. Volatile currency exchange rates and the current status of the US dollar should also be factored in. Does this mean we’re pessimistic? No, not at all. We think we do our best work helping our customers navigate through chaos and unexpected events, and in that sense, opportunity abounds. But we do think that future expectations need to be founded on realistic assessments of current conditions. They should not simply become a mechanical extrapolation exercise that slingshots a number out there from a base created by one single, albeit outstanding, quarter,” 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.

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

Expeditors International of Washington, Inc.

1st Quarter 2011 Earnings Release, May 4, 2011

 
Financial highlights for the three months ended March 31, 2011 (Unaudited)
(in 000's of US dollars except share data)
 
    Three Months Ended  
2011   2010 % Increase
Revenues $ 1,460,848 $ 1,201,109 22%
Net revenues $ 453,915 $ 361,823 25%
Operating income $ 147,230 $ 100,541 46%
Net earnings attributable to shareholders $ 91,232 $ 61,247 49%
Diluted earnings attributable to shareholders per share $ .42 $ .28 50%
Basic earnings attributable to shareholders per share $ .43 $ .29 48%
Diluted weighted average shares outstanding 215,863,386 216,630,436
Basic weighted average shares outstanding 212,088,860 212,192,710
 
    Employee headcount as of March 31,
2011   2010
North America 4,443 4,131
Asia Pacific 3,898 3,591
Europe and Africa 2,142 1,948
Middle East 1,187 1,109
South America 626 561
Information Systems 551 565
Corporate 205 186
13,052 12,091
 
    Year-over-year percentage growth in:
Airfreight kilos   Ocean freight FEUs
2011
January 13% 16%
February 12% (9)%
March 21% 11%
Quarter 16% 7%
 

During the first quarter of 2011, the Company opened one satellite office in Kristiansand, Norway and closed one satellite office in Malmoe, Sweden.

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 May 6, 2011 will be considered in management’s 8-K “Responses to Selected Questions” expected to be filed on or about May 18, 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 future ability to improve productivity and operating income, rising fuel costs, rising costs in general, global political unrest, volatile currency exchange rates, status of the US Dollar and our ability to help customers navigate through chaos and unexpected events. 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 Report filed with the Securities and Exchange Commission.

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

Assets

2011   2010
 
Current assets:
Cash and cash equivalents $ 1,238,471 $ 1,084,465
Short-term investments 612 524
Accounts receivable, net 1,006,980 1,003,884
Deferred Federal and state income taxes 9,382 8,706
Other current assets   25,380   42,776
Total current assets   2,280,825   2,140,355
 
Property and equipment, net 514,429 498,648
Goodwill, net 7,927 7,927
Other intangibles, net 3,402 3,716
Other assets, net   30,149   28,533
$ 2,836,732 $ 2,679,179

Liabilities and Equity

 
Current liabilities:
Accounts payable 687,988 652,161
Accrued expenses, primarily salaries and related costs 182,391 177,869
Federal, state and foreign income taxes   44,606   31,948
Total current liabilities   914,985   861,978
 
Deferred Federal and state income taxes 72,627 69,047
 
Commitments and contingencies
 
Shareholders' equity:
Preferred stock; none issued -- --

Common stock, par value $.01 per share; issued and outstanding 212,034,197 shares at March 31, 2011 and 212,047,774 shares at December 31, 2010

2,120 2,120
Additional paid-in capital 14,350 13,412
Retained earnings 1,808,481 1,717,249
Accumulated other comprehensive income   16,958   8,125
Total shareholders' equity   1,841,909   1,740,906
 
Noncontrolling interest   7,211   7,248
Total equity   1,849,120   1,748,154
   
$ 2,836,732 $ 2,679,179
 
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except share data)
(Unaudited)
       
 
Three months ended
March 31,
2011 2010
Revenues:
Airfreight services $ 700,923 $ 559,383
Ocean freight and ocean services 440,141 381,244
Customs brokerage and other services   319,784     260,482  
Total revenues   1,460,848     1,201,109  
 
Operating expenses:
Airfreight consolidation 524,636 427,342
Ocean freight consolidation 339,549 301,090
Customs brokerage and other services 142,748 110,854
Salaries and related costs 237,815 199,848
Rent and occupancy costs 21,381 19,227
Depreciation and amortization 9,174 9,395
Selling and promotion 9,163 7,035
Other   29,152     25,777  
Total operating expenses   1,313,618     1,100,568  
 
Operating income   147,230     100,541  
 
Interest income 2,320 1,775
Interest expense (214 ) (87 )
Other, net   1,117     609  
Other income, net   3,223     2,297  
 
Earnings before income taxes 150,453 102,838
 
Income tax expense 59,246 41,528
   
Net earnings   91,207     61,310  
 
Less: net (losses) earnings attributable to noncontrolling interest (25 ) 63
   
Net earnings attributable to shareholders $ 91,232   $ 61,247  
 
Diluted earnings attributable to shareholders per share $ 0.42   $ 0.28  
 
Basic earnings attributable to shareholders per share $ 0.43   $ 0.29  
 
Weighted average diluted shares outstanding   215,863,386     216,630,436  
 
Weighted average basic shares outstanding   212,088,860     212,192,710  
 
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
           
Three months ended
March 31,
2011 2010
Operating Activities:
Net earnings $ 91,207 $ 61,310

Adjustments to reconcile net earnings to net cash provided by operating activities:

Provision for losses on accounts receivable 1,853 2,443
Deferred income tax benefit (1,936 ) (7,728 )
Excess tax benefits from stock plans (2,246 ) (4,012 )
Stock compensation expense 10,472 11,198
Depreciation and amortization 9,174 9,395
Gain on sale of assets (30 ) (295 )
Other 307 478
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable 6,683 (12,965 )
Increase in other current assets (1,415 ) (1,811 )

Increase in accounts payable and accrued expenses

30,187 43,169
Increase in income taxes payable, net   33,577     25,941  
Net cash provided by operating activities   177,833     127,123  
 
Investing Activities:
Increase in short-term investments (89 ) (36 )
Purchase of property and equipment (21,125 ) (7,582 )
Proceeds from sale of property and equipment 43 59
Other   (1,442 )   (188 )
Net cash used in investing activities   (22,613 )   (7,747 )
 
Financing Activities:
Proceeds from issuance of common stock 7,804 12,220
Repurchases of common stock (19,584 ) (18,019 )
Excess tax benefits from stock plans   2,246     4,012  
Net cash used in financing activities   (9,534 )   (1,787 )
 
Effect of exchange rate changes on cash and cash equivalents   8,320     (1,870 )
 
Increase in cash and cash equivalents 154,006 115,719
 
Cash and cash equivalents at beginning of period   1,084,465     925,929  
 
Cash and cash equivalents at end of period $ 1,238,471   $ 1,041,648  
 
Interest and taxes paid:
Interest $ 4 87
Income taxes 26,276 19,996
 

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EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. AND SUBSIDIARIES
Business Segment Information
(In thousands)
(Unaudited)
 
        Other       Europe      
United North Latin Asia and Middle East Elimi- Consoli-
States America America Pacific Africa and India nations dated
Three months ended
March 31, 2011