SEATTLE forwarding major expeditors International posted a 23 per cent second quarter year-on-year increase in operating profit to US$505.9 million, drawn on revenues of $4.6 billion, up 28 per cent.
Net profit in earnings per share rose to $2.29 from $1.87, an increase of 22 per cent.
Expeditors president and CEO Jeffrey Musser said the second quarter was the strongest in the company's history 'even while our air and ocean volumes were soft compared to a year ago'.
Expeditors operations also were hit by the lingering impact from the cyberattack the company experienced in the first quarter, Mr Musser said. The company 're-established digital connections with many of our customers, which limited our ability to move cargo through our systems.'
Mr Musser's said air and ocean rates are 'elevated and out of balance by historical standards,' he said, even after declining. Capacity is 'no longer severely restrained,' he said, noting capacity in the air hasn't risen to adequate levels.
As a result, he said the company still needs to access additional capacity by using air charters to meet shipper demand.
'Ocean transit times continued to be stretched by port congestion and many ongoing shortages of equipment, labour and warehousing space,' Mr Musser said.
'Various onshore bottlenecks further impacted many of our ocean and air lanes, in addition to affecting our customs business due to record high drayage, storage, delivery, demurrage and detention costs at destination.'
SeaNews Turkey
Net profit in earnings per share rose to $2.29 from $1.87, an increase of 22 per cent.
Expeditors president and CEO Jeffrey Musser said the second quarter was the strongest in the company's history 'even while our air and ocean volumes were soft compared to a year ago'.
Expeditors operations also were hit by the lingering impact from the cyberattack the company experienced in the first quarter, Mr Musser said. The company 're-established digital connections with many of our customers, which limited our ability to move cargo through our systems.'
Mr Musser's said air and ocean rates are 'elevated and out of balance by historical standards,' he said, even after declining. Capacity is 'no longer severely restrained,' he said, noting capacity in the air hasn't risen to adequate levels.
As a result, he said the company still needs to access additional capacity by using air charters to meet shipper demand.
'Ocean transit times continued to be stretched by port congestion and many ongoing shortages of equipment, labour and warehousing space,' Mr Musser said.
'Various onshore bottlenecks further impacted many of our ocean and air lanes, in addition to affecting our customs business due to record high drayage, storage, delivery, demurrage and detention costs at destination.'
SeaNews Turkey