Expeditors said airfreight services revenues fell 16% and ocean freight and ocean services revenues fell 18% in Q1 2024. It said average sell rates for airfreight dropped 22% and tonnage rose 4%.

1. 01

   Expeditors said airfreight services revenues fell 16% and ocean freight and ocean services revenues fell 18% in Q1 2024. It said average sell rates for airfreight dropped 22% and tonnage rose 4%.

2. 02

   The company said net earnings attributable to shareholders fell 25% from Q1 2023 and rose 7% from Q4 2023 in Q1 2024. Operating income declined 22% from the prior-year period, and its effective income tax rate was 26.9% (compared with 24.8% in the prior-year period).

3. 03

   Expeditors said net cash provided by operating activities was $257 million in Q1 2024, compared with $546 million a year earlier, a decrease of $289 million. It also bought back 3.0 million shares of common stock in the same quarter and returned $361 million to shareholders.

4. 04

   The company said working capital was $1,547 million as of March 31, 2024, including cash and cash equivalents of $1,370 million. Other than its recorded lease liabilities, it had no long-term debt, and its borrowings under international unsecured credit lines were $35 million.

Key figures

Quarter ended March 31, 2024

Revenue

$2.2B

Operating income

$215M

Net income

$169M

EPS

$1.17

Operating cash flow

$257M

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

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

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.