Expeditors International of Washington Inc. Down 7.00% To $115.47 After Earnings Miss

Expeditors International of Washington Inc. (EXPD) said before open Tuesday that it earned $1.09 per share in quarter four 2023.

On the revenue line, the company reported $2.3 billion, missing estimates by $32 million.

In the same quarter a year ago, the company earned $1.38 per share on revenue of $3.4 billion.

The stock is down 7.00% to $115.47 after the report.

The firm’s lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

The average recommendation from Wall Street analysts was a Sell which may get revised based on this new data.

Trading in the five days leading up to the report earned Expeditors International of Washington Inc. a Bearish Sentiment Rank from InvestorsObserver.

Expeditors International of Washington Inc. has performed a little above average during the past few months. Before the report, Expeditors International of Washington Inc. received a Long-Term Technical Rank by InvestorsObserver of 63, putting it in the top half of stocks. The firm was recently trading at a 52-week high of $131.17 on January 25, 2024 and set a 52-week low on March 24, 2023 at $102.89.

Expeditors International of Washington is a non-asset-based third-party logistics provider, mainly focused on international freight forwarding. It employs sophisticated IT systems and contracts with airlines and ocean carriers to move customers’ freight across the globe. The firm operates more than 200 full-service office locations worldwide, in addition to numerous satellite locations. In 2021, Expeditors derived 38% of consolidated net revenue from airfreight, 27% from ocean freight, and 35% from customs brokerage and other services.