Logistics Company Expeditors Struggles In Q4: Revenue And Profits Plunge Amid Market Uncertainty And Cost Challenges
Portfolio Pulse from Akanksha Bakshi
Expeditors International of Washington, Inc. (EXPD) reported a significant decline in Q4 fiscal 2023 results with a 34% Y/Y revenue drop to $2.28 billion, missing the consensus of $2.31 billion. EPS fell 22% YoY to $1.09, below the consensus of $1.23. The company also saw a decrease in airfreight and ocean container volumes, alongside a 40% drop in operating income to $199.39 million. Despite these challenges, EXPD repurchased shares and amended its Discretionary Stock Repurchase Plan. The company cited market uncertainty, including the impact of the Covid-19 pandemic and conflicts in the Middle East, as factors affecting its performance.
February 20, 2024 | 5:10 pm
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Expeditors International reported a significant decline in Q4 fiscal 2023 results, missing revenue and EPS consensus. The company also faced volume decreases in airfreight and ocean container, alongside a notable drop in operating income.
The reported decline in revenue and EPS, coupled with the decrease in airfreight and ocean container volumes, indicates significant operational and market challenges for EXPD. The missed consensus and the subsequent share price drop reflect negatively on investor sentiment and could lead to a short-term negative impact on EXPD's stock price.
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