Expeditors Posts Impressive Q1 Results Despite Tough Comps and Cyberattack

Despite tough comparisons and disruption from a previously disclosed cyberattack, wide-moat Expeditors International’s first-quarter performance was solid, with gross revenue up 46% year over year, ahead of our expected run rate. Pricing to shippers remains historically strong on constrained industry capacity, while underlying freight demand is still healthy thanks in large part to continued heavy retailer restocking (in the United States and Europe) that's supporting robust import activity from the Asia-Pacific region.