Expeditors International of Washington Inc

EXPD: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$384.00	Shw	Qgnzsccpb

Expeditors Earnings: The Air and Ocean Unwind Persists, but Outlook Is Stable

Matthew Young

Nov 7, 2023

In the third quarter, Expeditors International's gross revenue fell 50% year over year, similar to the second-quarter decline. Revenue came in shy of our forecast, albeit not drastically. It's been tough to spot a trough amid the industry's heavy normalization phase. Recall revenue flipped negative in fourth-quarter 2022 following a few years of meteoric growth in both volume and pricing (sell rates) to shippers.

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