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Expeditors International of Washington Q3 profit climbs 11.4% YOY

Expeditors International of Washington Inc. said its third-quarter normalized net income was 65 cents per share, compared with the S&P Capital IQ consensus estimate of 60 cents per share.

EPS climbed 11.9% year over year from 58 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $118.7 million, an increase of 11.4% from $106.6 million in the year-earlier period.

The normalized profit margin dropped to 6.6% from 6.8% in the year-earlier period.

Total revenue grew 15.3% year over year to $1.80 billion from $1.56 billion, and total operating expenses grew 15.8% year over year to $1.62 billion from $1.40 billion.

Reported net income grew 11.3% from the prior-year period to $120.0 million, or 66 cents per share, from $107.8 million, or 59 cents per share.