U.S.-based forwarder and logistics services provider, Expeditors International, reported record-high third-quarter profitability, including the highest quarterly net revenue and operating income in its history. During Q3 for 2018, net income was up 35.2 percent, year-over-year, to US$163 million, while net revenue increased 10.4 percent to $661 million. Operating income for the quarter was up 8.7 percent to $203 million.
While volumes and business were up across Expeditors’ operating segments, the lion’s share of the y-o-y increase in net income was largely attributable to accounting changes, such as an effective tax rate of just 21.8 percent in Q3, compared to 36.7 percent during the same three-month period in 2017.
For more details and analysis of Expeditors’ results, please see coverage from associate editor Chelsea Toczauer in our sister publication, Cargo Facts: