Expeditors has announced its Q1 2023 financial results, showing a revenue decrease of 44% year-on-year (y-o-y), to $2.6 bn. Operating income decreased by 40% to $276m.
Airfreight services revenue decreased to $904.9m, down from $1.6bn in 2022, while ocean freight and ocean services revenue fell to $697.3, in 2023, down from $1.9bn in 2022. Air Freight tonnage volume decreased 6% and ocean container volume decreased 26%.
Customer brokerage and other services revenue decreased to $990.3m in Q1 2023, down from $1.1bn in 2022. Operating expenses fell to $2.31bn, down from $4.2bn in 2022.
Geographically, US revenues went down to $945.4m, compared to $1.24bn in 2022. Operating income was at a $137.85m loss in Q1 2023.
North America revenues increased to $109.9m, compared to $104.6m in 2022. Operating income was at a $4,8m loss. Latin America revenues were $54.6m in 2023, down from $57.7m in 2022. Operating income was at a $2.8m loss.
North Asia revenues decreased to $582.4m, falling from $1.8bn in 2022. Operating income was at a $58.9m loss. South Asia’s revenue was $224.1m, down from $646.3m in 2022. Operating income was at a $19.7m loss.
Revenues in Europe amounted to $534.4m in 2023, up from $575.8m in 2022. Operating income was at a $34.8m loss.
Middle East, Africa and India revenues were $142.7m in 2023, decreasing from $270.7m in 2022. Operating income was at a $16.9m loss in 2023.
Source: Expeditors
