Market Updates
Expeditors International Sees No End of Supply Disruptions Soon
Scott Peters
03 Aug, 2022
New York City
Expeditors International rose 0.8% to $103.05 after the company said second quarter revenues increased 28% to $4.6 billion.
Net income rose 19% to $378 million from $316.3 million and diluted earnings per share increased 23% to $2.27 from $1.84 a year ago.
The company guided current supply chain disruptions and logistics at ports, ocean freight shipping duration, and available air cargo capacity to improve despite the slowing down in the global economy.
"We do not see signs that these conditions are likely to improve significantly any time soon.
The unpredictability of COVID restrictions and lockdowns in China, as well as route restrictions and sanctions from the Ukraine conflict, continue to make global shipping a highly challenging business right now," said Bradley S. Powell, Senior Vice President and Chief Financial Officer.
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