Shares of Expeditors International of Washington Inc. dropped 3.1% in premarket trading Tuesday, after the air and ocean freight and customs brokerage...
Shares of Expeditors International of Washington Inc.
dropped 3.1% in premarket trading Tuesday, after the air and ocean freight and customs brokerage company reported fourth-quarter profit and revenue that missed forecasts, amid a “stunning” drop in buy and sell rates and a softening in demand. Net income fell by more than half, to $219.3 million, or $1.39 a share, from $452.8 million, or $2.69 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.98. Revenue declined 36.2% to $3.
dropped 3.1% in premarket trading Tuesday, after the air and ocean freight and customs brokerage company reported fourth-quarter profit and revenue that missed forecasts, amid a “stunning” drop in buy and sell rates and a softening in demand. Net income fell by more than half, to $219.3 million, or $1.39 a share, from $452.8 million, or $2.69 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.98. Revenue declined 36.2% to $3.
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