Expeditors has announced its Q3 2023 financial results, showing a revenue decrease of 50% year-on-year (y-o-y), to $2.2 bn. Operating income decreased by 59% to $216m.
Airfreight services revenue decreased to $724.33m, down from $1.48bn in 2022, while ocean freight and ocean services revenue fell to $560.28, in 2023, down from $1.69bn in 2022.
Airfreight tonnage volume decreased 14% and ocean container volume decreased 15%.
Customer brokerage and other services revenue decreased to $905.39m in Q3 2023, down from $1.2bn in 2022. Operating expenses fell to $1.97bn, down from $3.84bn in 2022.
Geographically, US revenues went down to $784.5m, compared to $1.24bn in 2022. Operating income was at a $ 101.75m loss in Q2 2023.
Other North America revenues decreased to $106.3 m, compared to $140.62m in 2022. Operating income was at a $4.35m loss. Latin America revenues were $47.33m in 2023, down from $68.1m in 2022. Operating income was at a $2.513m loss.
North Asia revenues decreased to $515.34m, falling from $1.49bn in 2022. Operating income was at a $50.113m loss. South Asia’s revenue was $207m, down from $518.78m in 2022. Operating income was at a $19.57m loss.
Revenues in Europe amounted to $410.9m in 2023, down from $637.41m in 2022. Operating income was at a $26.9m loss.
Middle East, Africa and India revenues were $119.85m in 2023, decreasing from $264.5m in 2022. Operating income was at a 10.85m loss in 2023.