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Expeditors International of Washington Inc EXPD

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Expeditors' Q3 Airfreight Pricing Still Robust; Demand Recovering off Pandemic Lows

Matthew Young, CFA Equity Analyst

Analyst Note

| Matthew Young, CFA |

Wide-moat global forwarder Expeditors International’s third-quarter gross revenue increased 19% year over year, once again driven by robust airfreight rates (especially out of North Asia), which have spiked on unusually constrained capacity (limited belly space availability among commercial airlines). We suspect pricing on ocean freight also contributed. Airfreight tonnage contracted 5% year over year (versus a 10% decline in the second quarter), while ocean freight activity fell 5% (down 14% last quarter), but demand showed solid signs of sequential recovery off pandemic lows.

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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 Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 18,000