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Expeditors Reports Third Quarter 2011 EPS of $.50 Per Share 1

Dépèche transmise le 1 novembre 2011 par Business Wire

SEATTLE--(BUSINESS WIRE)--Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced net earnings attributable to shareholders of $106,604,000 for the third quarter of 2011, as compared with $96,105,000 for the same quarter of 2010, an increase of 11%. Net revenues for the third quarter of 2011 increased 8% to $493,846,000 as compared with $458,743,000 reported for the third quarter of 2010. Total revenues and operating income were $1,606,368,000 and $163,758,000 in 2011, as compared with $1,667,559,000 and $159,621,000 for the same quarter of 2010, a decrease of (4)% and an increase of 3%, respectively. Diluted net earnings attributable to shareholders per share for the third quarter were $.50, as compared with $.44 for the same quarter in 2010, an increase of 14%.

“It is reassuring to again report record net revenue, operating income and net earnings results, particularly amid the economic challenges some would have us believe define our potential”

For the nine months ended September 30, 2011, net earnings attributable to shareholders was $292,836,000, as compared with $247,670,000 in 2010, an increase of 18%. Net revenues for the nine months increased to $1,420,322,000 from $1,239,424,000 for 2010, up 15%. Total revenues and operating income for the nine months were $4,648,584,000 and $463,263,000 in 2011, as compared with $4,385,438,000 and $398,658,000 for the same period in 2010, increases of 6% and 16%, respectively. Diluted net earnings attributable to shareholders per share for the first three quarters of 2011 were $1.36, as compared with $1.14 for the same period of 2010, an increase of 19%.

“It is reassuring to again report record net revenue, operating income and net earnings results, particularly amid the economic challenges some would have us believe define our potential,” said Peter J. Rose, Chairman and Chief Executive Officer. “Providing exceptional customer service and market competitive rates to our customers and buying strategically from our quality service providers allows our people to utilize their intellectual capital to optimize efficiency and financial results. This is the reason why we have consistently been able to grow net revenue even when gross revenue doesn’t show the same commensurate levels of growth. Maximizing gross revenues to the potential detriment of operating income has never been what’s motivated us. With all the dynamic factors such as fuel prices and capacity that impact rates, net revenue growth is a much more indicative measurement of operational effectiveness than mindlessly chasing growth in gross revenues. Rates and foreign currencies go up and down, but it is attention to growing net revenue and operating income that are responsible for our long-term success. These are important nuances in this business…and many fail to absorb them,” Rose continued.

“The current economic conjecture regarding last quarter 2011 and 2012 conditions seem to validate the concerns we wrote about in our first quarter 2011 earnings release,” Rose went on to say. “As we look forward, we do so with the complete confidence we gained through our experiences in 2009. We emerged stronger and in a better position strategically. We did so by making decisions that maximized the return on our knowledge-based assets…our employees. The value of our company is a direct function of the value we add to our customers’ supply chains. We can not meet our customers’ needs before we create value in the people we recruit, train and retain to meet those needs. Regardless of what the rest of 2011 and 2012 looks like, we know the key to success with our customers will be to continue to invest in our most critical assets, our people. They’ve never let us down and we’re looking forward to the challenge,” Rose concluded.

Expeditors is a global logistics company headquartered in Seattle, Washington. The company employs trained professionals in 186 full-service offices, 62 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.
3rd Quarter 2011 Earnings Release, November 1, 2011
 
Financial Highlights for the Three and Nine months ended September 30, 2011 and 2010 (Unaudited)

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

                         
Three months ended Nine months ended
September 30, September 30,
%
Increase %
2011 2010 (Decrease) 2011 2010 Increase
Revenues $ 1,606,368 $ 1,667,559 (4)% $ 4,648,584 $ 4,385,438 6%
Net revenues $ 493,846 $ 458,743 8% $ 1,420,322 $ 1,239,424 15%
Operating income $ 163,758 $ 159,621 3% $ 463,263 $ 398,658 16%

Net earnings attributable to shareholders1

$ 106,604 $ 96,105 11% $ 292,836 $ 247,670 18%

Diluted earnings attributable to shareholders

$ .50 $ .44 14% $ 1.36 $ 1.14 19%
Basic earnings attributable to shareholders $ .50 $ .45 11% $ 1.38 $ 1.17 18%
Diluted weighted average shares outstanding 214,717,451 216,342,380 215,376,675 216,497,838
Basic weighted average shares outstanding 212,256,119 212,392,286 212,160,994 212,306,521
 

1 Other, net for the three and nine months ended September 30, 2011 increased over the same periods in 2010 primarily due to foreign exchange gains.

 
Employee headcount as of September 30,
      2011     2010
North America 4,631 4,325
Asia Pacific 4,094 3,851
Europe and Africa

2,227

2,057
Middle East 1,233 1,133
South America 631 596
Information Systems 552 573
Corporate 215 189
Total 13,583 12,724
 
    Year-over-year percentage increase
(decrease) in:
Airfreight kilos     Ocean freight FEU
2011

 

July

(8)%

(4)%
August (2)% (2)%
September (5)% —%
Quarter (4)% (2)%
 

During the third quarter of 2011, the Company opened one full-service office in Pusan, Korea (formerly a satellite office) and closed one satellite office in Tiruppur, India.

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 optimize efficiency and financial results, ability to grow net revenue and operating income, ability to recruit, train and retain the best personnel, and ability to succeed in the rest of 2011 and 2012. 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 as updated by our reports on Form 10-Q, filed with the Securities and Exchange Commission.

EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
 
Condensed Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
 
      September 30, 2011     December 31, 2010

Assets

Current Assets:
Cash and cash equivalents $ 1,260,814 $ 1,084,465
Short-term investments 483 524
Accounts receivable, net 997,705 1,003,884
Deferred Federal and state income taxes 10,161 8,706
Other current assets 43,450   42,776
Total current assets 2,312,613   2,140,355
Property and equipment, net 528,852 498,648
Goodwill, net 7,927 7,927
Other intangibles, net 2,916 3,716
Other assets, net 30,861   28,533
$ 2,883,169   $ 2,679,179

Liabilities and Equity

Current Liabilities:
Accounts payable 655,092 652,161
Accrued expenses, primarily salaries and related costs 178,175 177,869
Federal, state and foreign income taxes 32,234   31,948
Total current liabilities 865,501   861,978
Deferred Federal and state income taxes 55,610 69,047
Commitments and contingencies
Shareholders’ Equity:
Preferred stock; none issued
Common stock, par value $.01 per share. Issued and outstanding 211,979,262 shares at September 30, 2011 and 212,047,774 shares at December 31, 2010 2,120 2,120
Additional paid-in capital 3,641 13,412
Retained earnings 1,951,375 1,717,249
Accumulated other comprehensive (loss) income (1,417 ) 8,125
Total shareholders’ equity 1,955,719   1,740,906
Noncontrolling interest 6,339   7,248
Total equity 1,962,058   1,748,154
$ 2,883,169

 

$ 2,679,179
 
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
 
Condensed Consolidated Statements of Earnings
(In thousands, except share data)
(Unaudited)
 
      Three months ended     Nine months ended
September 30, September 30,
2011     2010 2011     2010
Revenues:  
Airfreight services $ 736,946 $ 751,555 $ 2,187,730 $ 2,043,819
Ocean freight and ocean services 510,521 599,280 1,437,493 1,474,137
Customs brokerage and other services 358,901   316,724   1,023,361   867,482  
Total revenues 1,606,368   1,667,559   4,648,584   4,385,438  
Operating Expenses:
Airfreight consolidation 558,047 578,924 1,658,963 1,577,289
Ocean freight consolidation 392,249 488,808 1,109,603 1,190,627
Customs brokerage and other services 162,226 141,084 459,696 378,098
Salaries and related costs 258,512 235,357 745,441 656,310
Rent and occupancy costs 21,352 19,295 64,087 57,221
Depreciation and amortization 9,199 9,085 27,630 27,590
Selling and promotion 9,342 7,877 28,527 22,462
Other 31,683   27,508   91,374   77,183  
Total operating expenses 1,442,610   1,507,938   4,185,321   3,986,780  
Operating income 163,758   159,621   463,263   398,658  
 
Interest income 2,888 1,679 7,520 4,938
Interest expense (279 ) (140 ) (722 ) (378 )
Other, net 10,792   (1,666 ) 12,766   9,231  
Other income (expense), net 13,401   (127 ) 19,564   13,791  
Earnings before income taxes 177,159 159,494 482,827 412,449
Income tax expense 70,283   63,456   189,724   164,692  
Net earnings 106,876   96,038   293,103   247,757  
Less: net earnings (losses) attributable to the noncontrolling interest 272   (67 ) 267   87  
Net earnings attributable to shareholders $ 106,604   $ 96,105   $ 292,836   $ 247,670  
Diluted earnings attributable to shareholders per share $ .50   $ .44   $ 1.36   $ 1.14  
Basic earnings attributable to shareholders per share $ .50   $ .45   $ 1.38   $ 1.17  
Dividends declared and paid per common share $   $   $ .25   $ .20  
Weighted average diluted shares outstanding 214,717,451   216,342,380   215,376,675   216,497,838  
Weighted average basic shares outstanding 212,256,119   212,392,286   212,160,994   212,306,521  
 

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EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
 
Condensed Consolidated Statements of Cash Flows
(In thousands) (Unaudited)
 
      Three months ended     Nine months ended
September 30, September 30,
2011   2010 2011   2010
Operating Activities:
Net earnings $ 106,876 $ 96,038 $ 293,103 $ 247,757
Adjustments to reconcile net earnings to net cash provided by operating activities:
Provision for losses on accounts receivable (629 ) 1,284 1,161 3,109
Deferred income tax (benefit) expense (9,328 ) (565 ) (9,663 ) 2,521
Excess tax benefits from stock plans (537 ) (3,470 ) (5,068 ) (11,589 )
Stock compensation expense 12,738 10,846