The company said revenues for Q1 2024 fell 15% year over year to $2.2 billion, operating income fell 22% to $215 million, and diluted earnings per share fell 19% to $1.17.

1. 01

   The company said revenues for Q1 2024 fell 15% year over year to $2.2 billion, operating income fell 22% to $215 million, and diluted earnings per share fell 19% to $1.17.

2. 02

   Expeditors said airfreight tonnage volume rose 4% and ocean container volume rose 2% in Q1 2024, and its chief executive described this as a break from a general downward slide of more than 1 years.

3. 03

   The company said salaries and related costs fell 8% in Q1 2024 and that it reduced headcount by 7%. It cited lower commissions and bonuses on reduced revenues and operating income as the reason for the drop in salaries and related costs, and attrition as the reason for the headcount reduction.

4. 04

   The company said operating cash flow for Q1 2024 was $257 million and that it returned $361 million to shareholders through share repurchases. It repurchased 3.0 million shares at an average price of $120.17 per share during the period.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. This is not a review of other exhibits, investor presentations or the full earnings call.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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