Expeditors Earnings: Global Forwarding Landscape Bouncing Along the Bottom

Expeditors International's first-quarter gross revenue fell 15% year over year, though this was better than the 46% decline posted for full-year 2023. Revenue came in modestly shy of our forecast, but we continue to look for sequential improvement in the second half on modestly better demand from retail end markets. Recall that pricing across the air and ocean industry has been facing excess carrier capacity, while demand has grappled with the postpandemic pullback in retail sector inventory restocking, not to mention a sluggish industrial sector.