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Expeditors Reports Record Second Quarter 2011 EPS of $.44 Per Share 1

Dépèche transmise le 2 août 2011 par Business Wire

SEATTLE--(BUSINESS WIRE)--Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced record net earnings attributable to shareholders of $95,000,000 for the second quarter of 2011, as compared with $90,318,000 for the same quarter of 2010, an increase of 5%. Net revenues for the second quarter of 2011 increased 13% to $472,561,000 as compared with $418,858,000 reported for the second quarter of 2010. Total revenues and operating income were $1,581,368,000 and $152,275,000 in 2011, as compared with $1,516,770,000 and $138,496,000 for the same quarter of 2010, increases of 4% and 10%, respectively. Diluted net earnings attributable to shareholders per share for the second quarter were $.44, as compared with $.42 for the same quarter in 2010, an increase of 5%.

“We knew that the 2011 second quarter would be challenging, at least from a 'last year's triumph is this year's hurdle' perspective. Despite this 'hurdle,' our 2011 second quarter operating income growth shows that we executed well, particularly given all the factors currently in play”

For the six months ended June 30, 2011, net earnings attributable to shareholders was $186,232,000, as compared with $151,565,000 in 2010, an increase of 23%. Net revenues for the six months increased to $926,476,000 from $780,681,000 for 2010, up 19%. Total revenues and operating income for the six months were $3,042,216,000 and $299,505,000 in 2011, as compared with $2,717,879,000 and $239,037,000 for the same period in 2010, increases of 12% and 25%, respectively. Diluted net earnings attributable to shareholders per share for the first two quarters of 2011 were $.86, as compared with $.70 for the same period of 2010, an increase of 23%.

“We knew that the 2011 second quarter would be challenging, at least from a 'last year's triumph is this year's hurdle' perspective. Despite this 'hurdle,' our 2011 second quarter operating income growth shows that we executed well, particularly given all the factors currently in play,” said Peter J. Rose, Chairman and Chief Executive Officer. “We didn't have some of the non-operating windfalls that benefited the 2010 second quarter, but these sound operating results reflect the solid execution in very dynamic ocean and airfreight markets and even in the more staid customs brokerage arena that has become our hallmark. Significantly, operating income as a percentage of net revenue remained above 32% for the fifth consecutive quarter. We may not be able to control the direction of the wind in the overall market, but we think we've demonstrated over time that our ability to safely navigate the churning oceans is all in how we set our sails,” Rose went on to say.

“Even with the global economic and political storms swirling around us, we must ultimately accept that we are 'the captains of our own destiny.' Being Resolute is one of our key cultural attributes and it has served us well in the past 30 years as we've endured a myriad of challenges. Being Resolute means we choose the path that adds long-term value to Expeditors, in tough times or in good times," Rose continued. "We will focus on attracting and retaining the best and brightest people, without whose dedicated efforts we wouldn't be where we are. We're grateful for their contributions and express that gratitude by investing in them and in their careers. The efficiencies gained from investments in our information technology systems and productivity initiatives continues to pay off for us, and we'll continue those as well. Putting our people and their productivity first allows us to better serve our customers' needs. The exciting thing about our business model is that we can't add value to Expeditors without adding value to our customers' supply chain. That's the way we create satisfied customers and that's the way we grow market share,” Rose concluded.

Expeditors is a global logistics company headquartered in Seattle, Washington. The company employs trained professionals in 185 full-service offices, 64 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.

2nd Quarter 2011 Earnings Release, August 2, 2011

     

Financial Highlights for the Three and Six months ended June 30, 2011 and 2010 (Unaudited)

(in 000's of US dollars except share data)

 
Three months ended June 30, Six months ended June 30,

2011

 

2010

  % Increase  

2011

 

2010

  % Increase
Revenues $ 1,581,368 $ 1,516,770 4 % $ 3,042,216   $ 2,717,879 12 %
Net revenues $ 472,561 $ 418,858 13 % $ 926,476 $ 780,681 19 %
Operating income $ 152,275 $ 138,496 10 % $ 299,505 $ 239,037 25 %
Net earnings attributable to shareholders $ 95,000 $ 90,318 5 % $ 186,232 $ 151,565 23 %
Diluted earnings attributable to shareholders $ .44 $ .42 5 % $ .86 $ .70 23 %
Basic earnings attributable to shareholders $ .45 $ .43 5 % $ .88 $ .71 24 %
Diluted weighted average shares outstanding 215,659,043 216,460,977 215,780,230 216,576,596
Basic weighted average shares outstanding 212,136,164 212,332,375 212,112,643 212,262,928
              Employee headcount as of June 30,
2011   2010
North America 4,528   4,227
Asia Pacific 4,053 3,753
Europe and Africa 2,168 1,975
Middle East 1,222 1,109
South America 625 583
Information Systems 551 569
Corporate 212 190
Total 13,359 12,406
                Year-over-year percentage increase (decrease) in:
Airfreight kilos     Ocean freight FEU  
2011
April 8 % 6 %
May (6 )% 1 %
June (5 )% (7 )%
Quarter (1 )% %

During the second quarter of 2011, the Company opened one full-service office in Chengdu, People's Republic of China (formerly a satellite of Chongqing, People's Republic of China).

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 August 5, 2011 will be considered in management's 8-K “Responses to Selected Questions” expected to be filed on or about August 19, 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, ability to grow market share, global economic and political uncertainty, ability to attract and retain the best and brightest people, ability to gain efficiencies from investments in information technology, and our ability to help customers navigate through dynamic ocean and airfreight markets. 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 actions or 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)
   
 
June 30, December 31,

Assets

2011   2010
 
Current assets:
Cash and cash equivalents $ 1,225,830 $ 1,084,465
Short-term investments 1,071 524
Accounts receivable, net 1,028,015 1,003,884
Deferred Federal and state income taxes 9,469 8,706
Other current assets   48,657   42,776
Total current assets   2,313,042   2,140,355
 
Property and equipment, net 523,400 498,648
Goodwill, net 7,927 7,927
Other intangibles, net 3,159 3,716
Other assets, net   30,476   28,533
$ 2,878,004 $ 2,679,179

Liabilities and Equity

 
Current liabilities:
Accounts payable 688,854 652,161
Accrued expenses, primarily salaries and related costs 196,813 177,869
Federal, state and foreign income taxes   35,858   31,948
Total current liabilities   921,525   861,978
 
Deferred Federal and state income taxes 77,329 69,047
 
Commitments and contingencies
 
Shareholders' equity:
Preferred stock; none issued -- --

Common stock, par value $.01 per share; issued and outstanding 211,992,082 shares at June 30, 2011 and 212,047,774 shares at December 31, 2010

2,120 2,120
Additional paid-in capital 2,698 13,412
Retained earnings 1,844,771 1,717,249
Accumulated other comprehensive income   22,459   8,125
Total shareholders' equity   1,872,048   1,740,906
 
Noncontrolling interest   7,102   7,248
Total equity   1,879,150   1,748,154
   
$ 2,878,004 $ 2,679,179
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except share data)
(Unaudited)
       
 
Three months ended Six months ended
June 30, June 30,
2011 2010 2011 2010
Revenues:
Airfreight services $ 749,861 $ 732,881 $ 1,450,784 $ 1,292,264
Ocean freight and ocean services 486,831 493,613 926,972 874,857
Customs brokerage and other services   344,676     290,276     664,460     550,758  
Total revenues   1,581,368     1,516,770     3,042,216     2,717,879  
 
Operating expenses:
Airfreight consolidation 576,280 571,023 1,100,916 998,365
Ocean freight consolidation 377,805 400,729 717,354 701,819
Customs brokerage and other services 154,722 126,160 297,470 237,014
Salaries and related costs 249,114 221,105 486,929 420,953
Rent and occupancy costs 21,354 18,699 42,735 37,926
Depreciation and amortization 9,257 9,110 18,431 18,505
Selling and promotion 10,022 7,550 19,185 14,585
Other   30,539     23,898     59,691     49,675  
Total operating expenses   1,429,093     1,378,274     2,742,711     2,478,842  
 
Operating income   152,275     138,496     299,505     239,037  
 
Interest income 2,312 1,484 4,632 3,259
Interest expense (229 ) (151 ) (443 ) (238 )
Other, net   857     10,288     1,974     10,897  
Other income, net   2,940     11,621     6,163     13,918  
 
Earnings before income taxes 155,215 150,117 305,668 252,955
 
Income tax expense 60,195 59,708 119,441 101,236
       
Net earnings   95,020     90,409     186,227     151,719  
 
Less: net earnings (losses) attributable to the noncontrolling interests 20 91 (5 ) 154
       
Net earnings attributable to shareholders $ 95,000   $ 90,318   $ 186,232   $ 151,565  
 
Diluted earnings attributable to shareholders per share $ 0.44   $ 0.42   $ 0.86   $ 0.70  
 
Basic earnings attributable to shareholders per share $ 0.45   $ 0.43   $ 0.88   $ 0.71  
 
Dividends declared and paid per common share $ 0.25   $ 0.20   $ 0.25   $ 0.20  
 
Weighted average diluted shares outstanding   215,659,043     216,460,977     215,780,230     216,576,596  
 
Weighted average basic shares outstanding   212,136,164     212,332,375     212,112,643     212,262,928  
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
     
Three months ended Six months ended
June 30, June 30,
2011 2010 2011 2010
Operating Activities:
Net earnings $ 95,020 $ 90,409 $ 186,227 $ 151,719

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

Provision for losses on accounts receivable (63 ) (618 ) 1,790 1,825
Deferred income tax expense (benefit) 1,601 10,814 (335 ) 3,086
Excess tax benefits from stock plans (2,285 ) (4,107 ) (4,531 ) (8,119 )
Stock compensation expense 10,236 11,003 20,708 22,201
Depreciation and amortization 9,257 9,110 18,431 18,505
Gain on sale of assets (21 ) (109 ) (51 ) (404 )
Other 311 367 618 845
Changes in operating assets and liabilities:
Increase in accounts receivable (14,173 ) (219,602 ) (7,490 ) (232,567 )
Decrease in other current assets 3,896 2,947 2,481 1,136

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