Expeditors International of Washington, Inc. (NASDAQ: EXPD) announced financial results for the second quarter of 2023. The logistics company said it would continue the efforts to streamline costs to align with the slowdown in demand.
- Earnings attributable to shareholders, on a per-share basis, was $1.30 in the June quarter, down 43% year-over-year
- Net income attributable to shareholders decreased 48% year-over-year to $197 million during the three-month period
- Second-quarter operating income was $248 million, down 51% from the prior-year period
- The bottom line was negatively impacted by a 51% fall in revenues to $2.2 billion
- In Q2, airfreight tonnage volume decreased 15%, and ocean container volume dropped13%