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Expeditors International of Washington Q2 profit falls YOY

Expeditors International of Washington Inc. said its second-quarter normalized net income was 60 cents per share, compared with the S&P Capital IQ consensus estimate of 59 cents per share.

EPS declined year over year from 62 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $108.7 million, a decline from $114.2 million in the prior-year period.

The normalized profit margin fell to 6.5% from 7.7% in the year-earlier period.

Total revenue grew 13.4% year over year to $1.67 billion from $1.48 billion, and total operating expenses increased 16.0% year over year to $1.50 billion from $1.30 billion.

Reported net income declined 5.3% from the prior-year period to $109.2 million, or 60 cents per share, from $115.4 million, or 63 cents per share.