Expeditors International Of Washington, Inc. EXPD reported a third-quarter (Q3) revenue decline of 50% Y/Y to $2.19 billion, missing the consensus of $2.3 billion.
EPS of $1.16, down 54% Y/Y, missed the consensus of $1.28.
Airfreight tonnage volume decreased by 14%, and ocean container volume decreased by 15%.
Q3 operating income decreased 59% to $216 million.
"We have made very deliberate efforts to control costs and to carefully manage our headcount; we do not know how long this cycle of cautious demand and soft rates will last in this uncertain economic environment," said president and CEO Jeffrey S. Musser.
In the quarter under review, the company's other overhead expenses increased $18 million in the quarter, primarily a result of $14 million in expenses related to indirect tax and other contingencies.
Compared to a recovery of $11 million in the third quarter of 2022, this increase was of costs incurred earlier that year as a result of the February 2022 cyber-attack.
The company exited the quarter with cash and equivalents worth $1.64 billion.
Price Action: EXPD shares are trading lower by 0.72% at $110.69 on the last check Tuesday.
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