Expeditors International beats Q3 estimates on early freight moves
Nov 5 (Reuters) -Logistics company Expeditors International of Washington EXPD.N reported third-quarter results above estimates on Tuesday, driven by increasing tonnage and volumes as some shippers movedfreight early due to concerns over port disruptions and geopolitical tensions.
Recent labor actionsat U.S. East and Gulf Coast ports led shippers to expedite the movement of essential goods, sometimes opting for air transport to mitigate supply chain disruptions ahead of the holiday season.
"Geopolitical events continued to affect pricing and freight flow during the quarter," said CEO Jeffrey Musser. "Ocean transit times were extended as carriers avoided the Red Sea and were further disrupted by previous concerns over potential port strikes."
The Seattle, Washington-based company'socean container volume increased 12% in the quarter.
Despite air freight's higher costs, Expeditors saw a 19% increase in air freight tonnage, with e-commerce driving capacity absorption and boosting rates.
The service-based company, which doesn't own the aircraft, ships, or trucks used every day, reported a quarterly revenue of $3 billion, beating analysts' estimates of $2.44 billion, according to data compiled by LSEG.
Expeditors reported a net income of $229.6 million, or $1.63 per share, for the quarter ended September 30, from $171.4 million, or $1.16 per share, a year earlier.
Analysts on average expected the company to post a profit of $1.35 per share.
Reporting by Abhinav Parmar in Bengaluru; Editing by Tasim Zahid
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