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Expeditors International of Washington Inc EXPD

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Expeditors' Q4 Net Revenue Soars on Robust Export Demand From Asia and Strong Air and Ocean Pricing

Matthew Young, CFA Equity Analyst

Analyst Note

| Matthew Young, CFA |

Wide-moat Expeditors International’s fourth-quarter gross revenue surged 55% year over year, well above our forecast, on robust tonnage acceleration. Relative to fourth-quarter 2019, which wasn’t stellar, growth stems in part from the pandemic-driven spike in consumer goods spending and related heavy retailer restocking (in the United States and Europe), which has driven up imports from the Asia-Pacific region. Airfreight tonnage rose 10% year over year (it was down 5% last quarter), while ocean freight volume grew 19% (down 5% last quarter). Recall freight activity improved off pandemic lows last quarter, but turned much more favorable during the peak season. At the same time, airfreight rates (especially out of North Asia) have jumped on highly constrained capacity linked to strong demand and limited belly space availability among commercial airlines. Sell rates to shippers on ocean freight jumped on capacity imbalances as well.

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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 more than 200 full-service office locations worldwide, in addition to numerous satellite locations. In 2020, Expeditors derived 38% of consolidated net revenue from airfreight, 20% from ocean freight, and 7% 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 Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 17,480