Logistics company Expeditors International of Washington, Inc. (NASDAQ: EXPD) has announced financial results for the first quarter of 2024, reporting a decrease in revenue and net income.
- First-quarter revenues dropped 15% to $2.2 billion from $2.59 billion in the corresponding period of 2023
- Net earnings attributable to shareholders, on a per-share basis, dropped 19% year-over-year to $1.17 in the March quarter
- Net income attributable to shareholders was $169 million during the three months, which is down 25% year-over-year
- Operating Income decreased 22% year-over-year to $215 million in the first quarter
- Airfreight tonnage volume increased 4% year-over-year and ocean container volume increased 2% during the three months
- Expeditors International generated $257 million in cash flow from operations in the first quarter
- The company returned $361 million to shareholders via repurchases of common stock in Q1