Expeditors has announced its financial results for the third quarter of 2014. It reported revenue of $1.71bn, an 11% increase year-on-year. The company also recorded Q3 operating income of $159.13m, representing a rise of 9% compared to third quarter of 2013. Accordingly Expeditors’ margin stood at 9.33%.
“These 2014 third quarter results have given us a great deal of confidence. Double digit growth in both air and ocean freight volumes, something we’ve not seen since the fourth quarter of 2010, resulted in double digit revenue growth and drove double digit net income growth. Firmer ocean pricing offset tightening margins in air freight while customs brokerage and other services benefited commensurately with air and ocean volume increases,” said Jeffrey Musser, Expeditor’s President and Chief Executive Officer.
“We experienced strong operating income growth in both the US and Europe regions, which again compensated for relative weakness in the Asia Pacific and Middle East and India regions. Fundamentally, the things we look to as benchmarks for operational efficiency and financial achievement were in place this quarter,” he added.
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