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Expeditors International of Washington Inc EXPD

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Economic Moat




Global Trade Disruption a Q2 Volume Headwind for Expeditors, but Airfreight Rates a Nice Offset

Matthew Young, CFA Equity Analyst

Analyst Note

| Matthew Young, CFA |

Wide-moat global forwarder Expeditors International’s second-quarter gross revenue increased 27% year over year, but that was primarily thanks to robust airfreight rates (especially out of North Asia), which spiked due to very tight capacity, particularly in terms of limited belly space capacity. Otherwise, COVID-19 disruption hit hard in the quarter, pressuring trade on key east-west lanes (Asia-U.S. and Asia-Europe) and thus air and ocean freight volume, despite a few bright spots among technology and healthcare end markets. Airfreight tonnage contracted 10% year over year (versus a 7% decline in the first quarter), while ocean freight activity fell 14% (10% last quarter).

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Company Profile

Business Description

Expeditors International of Washington is a non-asset-based third-party logistics provider, mainly focused on international freight forwarding. It employs sophisticated IT systems and contracts with airlines and steamship carriers to move customers' freight across the globe. The firm operates roughly 200 full-service office locations worldwide, in addition to numerous satellite locations. In 2019, Expeditors derived 30% of consolidated net revenue from airfreight, 23% from ocean freight, and 47% from customs brokerage and other services.

1015 Third Avenue
Seattle, WA, 98104
T +1 206 674-3400
Sector Industrials
Industry Integrated Freight & Logistics
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 18,000