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Expeditors International of Washington Q1 profit falls YOY

Expeditors International of Washington Inc. said its first-quarter normalized net income amounted to 51 cents per share, compared with the S&P Capital IQ consensus estimate of 56 cents per share.

EPS decreased year over year from 53 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $92.9 million, a decline from $96.7 million in the year-earlier period.

The normalized profit margin dropped to 6.0% from 6.8% in the year-earlier period.

Total revenue rose 8.9% on an annual basis to $1.55 billion from $1.42 billion, and total operating expenses climbed 10.5% from the prior-year period to $1.40 billion from $1.27 billion.

Reported net income fell year over year to $92.9 million, or 51 cents per share, from $97.0 million, or 53 cents per share.