US forwarder Expeditors endured a difficult second quarter as revenues and profits both declined, while airfreight revenues were also behind last year.
The world’s fifth largest airfreight forwarder reported a 13% year-on-year decline in second-quarter revenues to $1.5bn, while operating profit was down 2% to $179m and net earnings attributable to shareholders slid 1% to $116m.
Airfreight revenues for the period declined 16% year on year to $582m despite a 2% increase in airfreight kilos. Airfreight demand improved as the quarter progressed with a 9% boost to airfreight kilos in June after a slow start to the period.
On a brighter note, earnings per share were up 3% to record levels as the company bought back shares to reduce the total count.
President and chief executive Jeffrey Musser said: “The global economic environment remains uncertain, particularly in Europe, and trade continues to slow.
“Despite these conditions, we continue to gain new customers and expand our market share, and we generated the best quarter of earnings per share in our history.
“We remain focused on implementing our strategic plan, with emphasis on markets to and within China and by further leveraging our strength in North America.
“Given our position in the global marketplace, our people and our resources, we remain optimistic about our ability to generate profitable growth.”
