Expeditors (EXPD) Third Quarter Earnings and Revenue Beat Estimates, Up Year Over Year – November 8, 2022

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Washington International Shippersit is (EXPD Free Report) third-quarter 2022 earnings of $2.54 per share beat Zacks’ consensus estimate of $1.92. Net income increased 21.5% year-on-year. Total revenue of $4,362.14 million exceeded Zacks’ consensus estimate of $4,147 million and was up 1% year-over-year.

Air freight tonnage and ocean container volumes decreased by 13% and 10%, respectively. Operating profit rose 8% to $526.92 million in the third quarter. Total operating expenses rose 0.1% to $3.84 billion.

Revenue from air cargo services fell 9% year-over-year to $1.48 billion in the third quarter. Ocean freight and marine services revenue increased 5.4% to $1.68 billion. Revenue from customs brokerage and other services rose 9.5% year over year to $1.19 billion.

During the third quarter of 2022, Expeditors repurchased $4.5 million of stock at $103.56 per common share. EXPD ended the September quarter with cash and cash equivalents of $2.15 billion, compared to $1.98 billion at the end of the previous quarter.

Currently, Expeditors wears a Zacks Rank #3 (Hold). You can see the full list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of other transport companies

Delta Airlines‘ (DAL Free Report) third-quarter 2022 earnings (excluding 42 cents of one-time items) of $1.51 per share were below Zacks’ consensus estimate of $1.56. The escalation of operating expenses led to the shortfall. Multiple flight cancellations and weak bookings due to Hurricane Ian also hurt results. DAL reported earnings of 30 cents per share a year ago, boring compared to the current scenario, as demand for air travel was not so buoyant at the time.

DAL reported revenue of $13,975 million, which is below Zacks’ consensus estimate of $14,157.2 million. Driven by strong demand for air travel, total revenue grew more than 52% year over year.

United Airlines‘ (LAU Free Report) third-quarter 2022 earnings (excluding 5 cents of one-time items) of $2.81 per share beat Zacks’ consensus estimate of $2.21 and our estimate of $2.17. An increase in demand for air travel contributed to the results. In the prior year quarter, UAL suffered a loss of $1.02 per share as air travel demand was not as buoyant as in the current scenario. The third quarter of 2022 was the second consecutive profitable quarter at UAL since the start of the pandemic.

Operating revenue of $12,877 million exceeded Zacks consensus estimate of $12,709.5 million and our estimate of $12,631.6 million. UAL’s revenue grew more than 66% year-over-year due to an increase in air travel demand. The optimistic scenario for air travel demand is also evident from the fact that total operating revenue increased by 13.2% compared to levels in the third quarter of 2019 (pre-coronavirus).

JB Hunt Transport Services, Inc. (JBHT Free Report) reported better-than-expected third-quarter 2022 results, in which earnings and revenue beat Zacks’ consensus estimate.

Total operating revenue of $3,838.3 million also topped Zacks’ consensus estimate of $3,803.4 million. Revenue jumped 22.1% year-over-year on strength in the contracted dedicated, intermodal, truckload and last mile segments. Total operating revenue, excluding fuel surcharges, increased 12.4% year over year.

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