Expeditors reported Q2 2021 financial results, showing a revenue increase of 50% Y-o-Y, up to $3.6bn, from $2.4bn in Q2 2020. Operating income increased by 66%, to $410.6m, compared to $247.6m in 2020.
Airfreight services revenue increased to $1.5bn, up from $1.3bn in 2020, as operating expenses increased to $1.1bn, up from $932.1m in 2020.
Ocean freight and services revenue rose to $1.1bn in Q2 2021, up from $489.4m in 2020. Operating expenses went up to $862.3m, from $361.3m in 2020.
Customer brokerage and other services revenue increased to $987m in Q2 2021, up from $652.0m in 2020. Operating expenses rose to $600m, up from $368.1m in 2020.
“We continued to move unprecedented volumes during the quarter, as ocean and air buy/sell rates remained elevated and volatile, capacity was extremely tight, and supply chain disruptions showed no signs of abatement,” said Jeffrey S. Musser, President and Chief Executive Officer. “Our entire company continues to perform at its very best, with strong performance and growth across all of our products. Because of ongoing supply/demand imbalances, as well as labour and equipment shortages around the globe, shippers face extraordinarily complex challenges throughout their supply chains. Logistics is now top of mind at the highest levels in most organizations. Unfortunately, there is no quick or simple fix to any of these issues and every one of our transactions seems to require significantly more attention and dedication. Whether it’s an ocean container, a customs declaration, a fulfilment order in one of our warehouses, or a high-touch, white-glove delivery for one of our Transcon customers – just about everything we do requires us to be more innovative, flexible, and alert to change in the current operating environment. I want to express enormous gratitude to our employees, who have continued to take care of our customers throughout these challenges.
Geographically, US revenues went up to $1.8bn, compared to $1.3bn in 2020. Operating income was $323.6m in 2021.
North America revenues increased to $195.6m, compared to $154.9m in 2020. Operating income was $36.2m.
Latin America revenues were $91.8m in 2021, up from $75.4m in 2020. Operating income was $12.1m.
North Asia revenues increased to $2.5bn, rising from $1.5bn in 2020. Operating income was $250.5m.
South Asia revenue were $767.5m, up from $383.2m in 2020. Operating income was $70.1m.
Revenues in Europe amounted to $1.0bn in 2021, up from $665m in 2020. Operating income was $94.7m
Middle East, Africa and India revenues were $352.7m in 2021, increasing from $206.6m in 2020. Operating income was $19m in 2021.
Source: Expeditors
