Expeditors Intl Down 0.86% To $110.53 After Earnings Miss

Expeditors Intl (EXPD) said before open Tuesday that it earned $1.16 per share in quarter three 2023.

On the revenue line, the company reported $2.2 billion, missing estimates by $110 million.

In the same quarter a year ago, the company earned $2.54 per share on revenue of $4.4 billion.

The stock is down 0.86% to $110.53 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

The average recommendation from Wall Street analysts was a Sell which may get revised based on this new data.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Expeditors Intl has performed a little above average during the past few months. Before the report, Expeditors Intl received a Long-Term Technical Rank by InvestorsObserver of 55, putting it in the top half of stocks. The firm set a 52-week high on July 31, 2023 at $128.04 and set a 52-week low on November 7, 2022 at $94.02.

Expeditors International of Washington is a non-asset-based third-party logistics provider, mainly focused on international freight forwarding. It employs sophisticated IT systems and contracts with airlines and ocean carriers to move customers' freight across the globe. The firm operates more than 200 full-service office locations worldwide, in addition to numerous satellite locations. In 2021, Expeditors derived 38% of consolidated net revenue from airfreight, 27% from ocean freight, and 35% from customs brokerage and other services.