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Expeditors International of Washington Q1 profit climbs 24.5% YOY

Expeditors International of Washington Inc. said its first-quarter normalized net income came to 55 cents per share, compared with the S&P Capital IQ consensus estimate of 48 cents per share.

EPS rose 30.4% year over year from 42 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $106.7 million, a gain of 24.5% from $85.6 million in the prior-year period.

The normalized profit margin increased to 6.4% from 5.7% in the year-earlier period.

Total revenue climbed 12.5% on an annual basis to $1.68 billion from $1.49 billion, and total operating expenses increased 11.2% on an annual basis to $1.51 billion from $1.36 billion.

Reported net income rose 25.0% year over year to $106.0 million, or 55 cents per share, from $84.8 million, or 42 cents per share.