Expeditors feeling the freeze
Expeditors International, founded in 1979 and based in Seattle, has announced its financial results for Q4/2022 and the full year. In FY/2022, revenues increased by 3% to USD 17.01 billion (2021: USD 16.5 billion), while operating income fell moderately by 1% to USD 1.82 billion (2021: USD 1.9 billion).
In Q4/2022, freight volumes dropped considerably, with air freight tonnage volume and ocean container volume decreasing by 20% and 15%, respectively. All key financial figures slumped.
effrey S. Musser, president and chief executive officer, spoke of a kind of shock by the end of last business year: “The rapid turnaround in Q4/2022 was stunning and unparalleled. Fourth quarter demand also was softer than we would have expected, particularly in retail and high tech." (sh)