SEATTLE, WA: Expeditors has reported net revenues of US$484.7 million for the second quarter (Q2) of 2014 – up three percent over the same period last year.
Revenue for the first six months (H1) of 2014 was US$949.3 million – also a rise of three percent over 2013. Net profit for Q2 fell one percent to US$91.3 million and for H1 increased one percent to US$175.1 million.
"Our second quarter ocean and airfreight volume increases of 12 percent and 6.0 percent, respectively, provided encouraging revenue growth. We also saw strong revenue growth in our customs brokerage and other services product. While pricing volatility still presents challenges, we feel very good about expanding our ocean freight and airfreight market share in key markets," said Jeffrey Musser, president and CEO.
Musser noted the company had been successful in expanding its European business that had compensated for weaker Americas' growth and a decline in Asia Pacific results.
"Looking forward to the remainder of 2014, our priority will be to refine and implement the tactical plans supporting the outcome of our strategic assessment...The assessment process will necessitate a reallocation of resources. This will require us to focus very carefully on optimizing existing resources to internally fund our strategic objectives without requiring excessive additions to overall headcount," he added.
Expeditors employs just over 14,000 people worldwide with over a third based in the U.S. and 25 percent in Asia Pacific where the company has become the largest customer of Hong Kong Air Cargo Terminals' logistics subsidiary Hacis.
Hacis has been providing Expeditors with breakbulk, cargo handling and house air waybill services since 2000. This has now been extended to export cargo handling, storage and delivery to all terminals at Hong Kong International Airport.
In addition, the company now uses the Hacis bonded express road feeder service to re-export cargo primarily to Huangpu, Shenzhen and Guangzhou.