Expeditors cautiously optimistic
Expeditors International, founded in 1979 and based in Seattle, has announced its financial results for Q3/2022. Revenues increased by 1% to USD 4.4 billion, while operating income rose by 8% to USD 527.0 million. Freight volumes dropped, however. Air freight tonnage volume and ocean container volume decreased by 13% and 10%, respectively.
The company noted "declines in tonnage and volumes, reductions in both buy and sell rates, and an overall rebalancing of capacity in the logistics freight markets." Add to this inflation, high energy costs, and government fiscal and monetary measures. Expeditors is adjusting its operations and capacities accordingly, although the company is now seeing air capacity return to higher levels, with Hong Kong and other origins in Asia reopening.
The largely land- and port-based constraints that had so severely impacted the ocean market have significantly improved. For the 9M/2022 period, revenues increased by 22% to USD 13.6 billion, while operating income climbed by 16% to almost USD 1.5 billion. (sh)