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Expeditors International of Washington Q3 profit climbs 16.6% YOY

Expeditors International of Washington Inc. said its normalized net income for the third quarter amounted to 63 cents per share, compared with the S&P Capital IQ consensus estimate of 60 cents per share.

EPS climbed 19.9% year over year from 52 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $119.2 million, a gain of 16.6% from $102.2 million in the prior-year period.

The normalized profit margin increased to 7.2% from 6.0% in the year-earlier period.

Total revenue decreased year over year to $1.65 billion from $1.71 billion, and total operating expenses fell 5.6% year over year to $1.46 billion from $1.55 billion.

Reported net income rose 13.8% year over year to $117.6 million, or 62 cents per share, from $103.4 million, or 53 cents per share.