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Expeditors Reports Fourth Quarter 2011 EPS of $.43 Per Share 1

Dépèche transmise le 21 février 2012 par Business Wire

SEATTLE--(BUSINESS WIRE)--Expeditors International of Washington, Inc. (NASDAQ:EXPD) today announced net earnings attributable to shareholders of $92,843,000 for the fourth quarter of 2011, as compared with $96,502,000 for the same quarter of 2010, a decrease of (4)%. Net revenues for the fourth quarter of 2011 increased 5% to $476,155,000as compared with $453,362,000 reported for the fourth quarter of 2010. Total revenues and operating income were $1,501,914,000and $155,064,000in 2011, as compared with $1,582,135,000 and $148,572,000 for the same quarter of 2010, a decrease of (5)% and an increase of 4%, respectively. Diluted net earnings attributable to shareholders per share for the fourth quarter were $.43, as compared with $.45 for the same quarter in 2010, a decrease of (4)%.

“From a strategic perspective, our 2011 fourth quarter financial results showed all the things we think are important”

For the year ended December 31, 2011, net earnings attributable to shareholders was $385,679,000, as compared with $344,172,000 in 2010, an increase of 12%. Net revenues for the year increased to $1,896,477,000 from $1,692,786,000 for 2010, up 12%. Total revenues and operating income for the year were $6,150,498,000 and $618,327,000 in 2011, as compared with $5,967,573,000 and $547,230,000 for the same period in 2010, increases of 3% and 13%, respectively. Diluted net earnings attributable to shareholders per share for the year ended December 31, 2011 were $1.79, as compared with $1.59 for the same period of 2010, an increase of 13%.

“From a strategic perspective, our 2011 fourth quarter financial results showed all the things we think are important,” said Peter J. Rose, Chairman and Chief Executive Officer. “Operating income as a percentage of net revenue, at 32.6%, remained well above 30% for the seventh straight quarter while salaries as a percentage of net revenue were very much in line with our historical expectations. All in all, we think the things we can control most, we controlled best. From a tactical perspective, however, we would like to have seen stronger freight volumes as the customary real peak season surge never materialized. The lack of a peak season created irregular demand throughout the quarter. While this resulted in some intermittent spot buying opportunities in both the air and ocean freight markets, ultimately they were not sufficient to compensate for relatively weaker freight demand. Despite this quarters unpredictable shipping patterns, we still managed to grow both net revenue and operating income 5% and 4% respectively. That's something we take great comfort in. For the year ended 2011, net revenue and operating income increased 12% and 13% respectively. That is the kind of annual performance we don't feel particularly compelled to apologize for…particularly in these times,” Rose continued.

“Our third quarter 2011 earnings release highlighted our concerns about global trends for the remainder for 2011 and 2012. While 2011 was a record year, and we are generally optimistic about 2012, the underlying flow of goods both in the global economy and throughout our network in January still give us some cause to reiterate those concerns in the near term. That said, given the outstanding talents and abilities of our people and the support of both our customers and service providers, we remain very confident that we have the wherewithal to successfully address any near term challenges that may occur by staying true to our proven, long-term values and objectives,” concluded Rose.

Expeditors is a global logistics company headquartered in Seattle, Washington. The company employs trained professionals in 185 full-service offices and 64 satellite locations 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.
4th Quarter 2011 Earnings Release, February 21, 2012
 
Financial Highlights for the Three months and Years ended December 31, 2011 and 2010 (Unaudited)

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

 
      Three months ended            
December 31, Years ended December 31,
    %    
Increase %
2011 2010 (Decrease) 2011 2010 Increase
Revenues $ 1,501,914 $ 1,582,135 (5)% $ 6,150,498 $ 5,967,573 3%
Net revenues $ 476,155 $ 453,362 5% $ 1,896,477 $ 1,692,786 12%
Operating income $ 155,064 $ 148,572 4% $ 618,327 $ 547,230 13%
Net earnings attributable to shareholders $ 92,843 $ 96,502 (4)% $ 385,679 $ 344,172 12%
Diluted earnings attributable to shareholders $ .43 $ .45 (4)% $ 1.79 $ 1.59 13%
Basic earnings attributable to shareholders $ .44 $ .45 (2)% $ 1.82 $ 1.62 12%
Diluted weighted average shares outstanding 214,159,723 216,587,468 215,033,580 216,446,656
Basic weighted average shares outstanding 211,988,482 212,217,035 212,117,511 212,283,966
 
      Employee headcount as of
December 31,
2011     2010
North America 4,666 4,400
Asia Pacific 4,083 3,864
Europe and Africa 2,262 2,074
Middle East 1,250 1,169
South America 645 607
Information Systems 558 559
Corporate 228 197
Total 13,692 12,870
 
      Year-over-year percentage
increase (decrease) in:
    Ocean freight
Airfreight kilos FEU
2011
October (14)% 2%
November (6)% 1%
December (9)% 7%
Quarter (10)% 3%
 

During the fourth quarter of 2011, the Company closed one satellite office in Detroit-Ambassador Bridge, United States.

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 maintain operating income as a percentage of net revenue over 30%, ability to benefit in the future from spot buying opportunities, ability to grow net revenue and operating income, changes in consumer confidence in freight volumes, and ability to succeed in 2012, both from a near and long-term perspective. 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)
         
December 31, December 31,
2011 2010

Assets

Current Assets:
Cash and cash equivalents $ 1,294,356 $ 1,084,465
Short-term investments 472 524
Accounts receivable, net 934,752 1,003,884
Deferred Federal and state income taxes 10,415 8,706
Other current assets 46,888   42,776
Total current assets 2,286,883   2,140,355
Property and equipment, net 538,806 498,648
Goodwill, net 7,927 7,927
Other intangibles, net 2,630 3,716
Other assets, net 30,581   28,533
$ 2,866,827   $ 2,679,179

Liabilities and Equity

Current Liabilities:
Accounts payable 606,628 652,161
Accrued expenses, primarily salaries and related costs 169,445 177,869
Federal, state and foreign income taxes 20,072   31,948
Total current liabilities 796,145   861,978
Deferred Federal and state income taxes 60,613 69,047
Commitments and contingencies
Shareholders’ Equity:
Preferred stock; none issued
Common stock, par value $.01 per share; issued and outstanding 212,003,662 shares at December 31, 2011 and 212,047,774 shares at December 31, 2010 2,120 2,120
Additional paid-in capital 13,260 13,412
Retained earnings 1,991,222 1,717,249
Accumulated other comprehensive (loss) income (2,964 ) 8,125
Total shareholders’ equity 2,003,638   1,740,906
Noncontrolling interest 6,431   7,248
Total equity 2,010,069   1,748,154
$ 2,866,827   $ 2,679,179
 
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,
2011 2010 2011 2010
Revenues:
Airfreight services $ 705,744 $ 778,009 $ 2,893,474 $ 2,821,828
Ocean freight and ocean services 441,102 481,263 1,878,595 1,955,400
Customs brokerage and other services   355,068     322,863     1,378,429     1,190,345  
Total revenues   1,501,914     1,582,135     6,150,498     5,967,573  
Operating Expenses:
Airfreight consolidation 534,159 604,309 2,193,122 2,181,598
Ocean freight consolidation 333,567 379,250 1,443,170 1,569,877
Customs brokerage and other services 158,033 145,214 617,729 523,312
Salaries and related costs 247,917 237,822 993,358 894,132
Rent and occupancy costs 20,578 19,988 84,665 77,209
Depreciation and amortization 9,146 9,310 36,776 36,900
Selling and promotion 10,447 9,593 38,974 32,055
Other   33,003     28,077     124,377     105,260  
Total operating expenses   1,346,850     1,433,563     5,532,171     5,420,343  
Operating income   155,064     148,572     618,327     547,230  
 
Interest income 2,715 2,064 10,235 7,002
Interest expense (248 ) (198 ) (970 ) (576 )
Other, net   (2,330 )   1,181     10,436     10,412  
Other income (expense), net   137     3,047     19,701     16,838  
Earnings before income taxes 155,201 151,619 638,028 564,068
Income tax expense   62,061     55,171     251,785     219,863  
Net earnings   93,140     96,448     386,243     344,205  

Less net earnings (losses) attributable to the noncontrolling interest

  297     (54 )   564     33  
Net earnings attributable to shareholders $ 92,843   $ 96,502   $ 385,679   $ 344,172  
Diluted earnings attributable to shareholders per share $ .43   $ .45   $ 1.79   $ 1.59  
Basic earnings attributable to shareholders per share $ .44   $ .45   $ 1.82   $ 1.62  
Dividends declared and paid per common share $ .25   $ .20   $ .50   $ .40  
Weighted average diluted shares outstanding   214,159,723     216,587,468     215,033,580     216,446,656  
Weighted average basic shares outstanding   211,988,482     212,217,035     212,117,511     212,283,966  
 
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands) (Unaudited)
                 
Three months ended Twelve months ended
December 31, December 31,
2011 2010 2011 2010
Operating Activities:
Net earnings $ 93,140 $ 96,448 $ 386,243 $ 344,205
Adjustments to reconcile net earnings to net cash provided by operating activities: <

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