Expeditors tackling the cyber attack
1979-founded Expeditors International based in Seattle has reported its results for Q1/2022. The group with 18,000 employees saw its revenues climb by 46% compared to Q1/2021, achieving USD 4.7 billion, while its operating income rose by 20% to USD 462 million.
According to the company, these results also "reflected the additional expenses and reduced volumes as a result of the cyber-attack in February. All products suffered as a result. Expeditors described the incident as "the most trying episode in the company’s history."
It is remarkable, however, that the air and ocean businesses both outperformed, as rates remained elevated due to ongoing supply chain bottlenecks and capacity constraints, while tonnage and volumes declined principally as a result of the cyber-attack. (sh)