Expeditors International of Washington’s EXPD fourth-quarter 2020 earnings of $1.16 per share surpassed the Zacks Consensus Estimate of $1.04 and also improved 43.2% on a year-over-year basis.

Adding to this optimism, the top line not only rose 55% year over year to $3,169.2 million but also surpassed the Zacks Consensus Estimate of $2,397 million. The uptick in airfreight revenues boosted results. Per President and CEO Jeffrey S. Musser, “We moved more freight in the fourth quarter of 2020 than in any other quarter in our history”.

Expeditors International of Washington, Inc. Price, Consensus and EPS Surprise

Expeditors International of Washington, Inc. price-consensus-eps-surprise-chart | Expeditors International of Washington, Inc. Quote

Other Details

In the quarter under review, volumes pertaining to airfreight tonnage increased 10% year over year while the same pertaining to ocean containers climbed 19%. Operating income jumped 56% to $282 million in the fourth quarter on the back of higher revenues.

During the December quarter, this currently Zacks Rank #3 (Hold) company repurchased 0.2 million of common stock at an average price of $90.81 per share. It exited the year with cash and cash equivalents of $1.53 billion compared with $1.23 million at the end of 2019.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Airfreight Services revenues soared more than 100% year over year to $1,547.22 million in the fourth quarter. Ocean Freight and Ocean Services revenues improved 45.3% to $755.25 million. Moreover, Customs Brokerage and Other Services revenues climbed 13% year over year to $866.72 million.

Sectorial Snapshots

Let’s take a look at some of the other released earnings reports from companies within the Zacks Transportation sector.

United Airlines UAL incurred a loss (excluding 6 cents from non-recurring items) of $7 per share in the fourth quarter of 2020, wider than the Zacks Consensus Estimate of a loss of $6.56. Moreover, operating revenues of $3,412 million lagged the Zacks Consensus Estimate of $3,420.4 million.

J.B. Hunt Transport Services JBHT reported earnings of $1.44 per share, beating the Zacks Consensus Estimate of $1.27. Total operating revenues of $2,737.7 million also surpassed the Zacks Consensus Estimate of $2,514.3 million.

Delta Air Lines DAL incurred a loss (excluding $1.34 from non-recurring items) of $2.53 per share in the fourth quarter of 2020, wider than the Zacks Consensus Estimate of a loss of $2.43. However, total revenues of $3,973 million topped the Zacks Consensus Estimate of $3,754.5 million.

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