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Is a Beat in Store for Expeditors (EXPD) in Q2 Earnings?
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Expeditors International of Washington (EXPD - Free Report) is scheduled to report its second-quarter 2024 results on Aug 6 before market open.
The company has a disappointing earnings history, having missed the Zacks Consensus Estimate in three of the preceding four quarters and surpassing once. The average miss is 3.44%.
Expeditors International of Washington, Inc. Price and EPS Surprise
The Zacks Consensus Estimate for EXPD’s soon-to-be-reported quarter’s earnings ispegged at $1.24 per share, revised upward by 3.33% in the past 60 days.Meanwhile, the Zacks Consensus Estimate for revenues is pegged at $2.17 billion, which indicates a 2.9% decline year over year.
Our estimate for second-quarter Airfreight Services and ocean freight and services revenues is pegged at $646.1 million and $415.6 million, which indicates a fall of 14% and 30% from the year-ago reported figure, respectively. However, estimates for revenues from customs brokerage and other services are pegged at $977.8 million, which suggests an increase of 9.3% year over year.
The declining operating expenses are bolstering EXPD’s bottom line. This fall in operating expenses is primarily driven by the decrease in salaries and related costs contributing to EXPD’s prospects in the to-be-reported quarter. Our estimate for total second-quarter operating expenses has decreased 8.1% year over year.
On the contrary, soft market conditions are expected to have continued to adversely impact the company’s performance in the to-be-reported quarter. However, EXPD is looking to cut costs to drive the bottom line in this weak demand scenario.
What Our Model Says
Our proven model predicts an earnings beat for Expeditorsthis time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is the case here.
EXPDhas an Earnings ESP of +2.22% and a Zacks Rank #2. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Highlights of Q1
Expeditors' first-quarter 2024 earnings of $1.17 per share beat the Zacks Consensus Estimate of $1.10. The bottom line plunged 19% year over year due to volume woes. Total revenues of $2.206 billion beat the Zacks Consensus Estimate of $2.172 billion but declined 15% year over year.
Airfreight Services revenues tumbled 16.1% year over year to $759.37 million in the first quarter of 2024. Ocean freight and ocean services revenues decreased 18.1% to $570.78 million. Customs Brokerage and other services revenues fell 11.5% year over year to $876.51 million.
Total operating expenses dropped 14% to $1.99 billion.
Other Stocks to Consider
Here are a few other stocks from the broader Zacks Transportation sector that investors might want to consider, as our model shows that these also have the right combination of elements to beat second-quarter 2024 earnings.
Copa Holdings (CPA - Free Report) has an Earnings ESP of +1.55% and a Zacks Rank #3.The company is scheduled to report second-quarter 2024 earnings on Aug 8.
CPA surpassed the Zacks Consensus Estimate in each of the trailing four quarters. The average beat is 20.19%.
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Is a Beat in Store for Expeditors (EXPD) in Q2 Earnings?
Expeditors International of Washington (EXPD - Free Report) is scheduled to report its second-quarter 2024 results on Aug 6 before market open.
The company has a disappointing earnings history, having missed the Zacks Consensus Estimate in three of the preceding four quarters and surpassing once. The average miss is 3.44%.
Expeditors International of Washington, Inc. Price and EPS Surprise
Expeditors International of Washington, Inc. price-eps-surprise | Expeditors International of Washington, Inc. Quote
The Zacks Consensus Estimate for EXPD’s soon-to-be-reported quarter’s earnings ispegged at $1.24 per share, revised upward by 3.33% in the past 60 days.Meanwhile, the Zacks Consensus Estimate for revenues is pegged at $2.17 billion, which indicates a 2.9% decline year over year.
Our estimate for second-quarter Airfreight Services and ocean freight and services revenues is pegged at $646.1 million and $415.6 million, which indicates a fall of 14% and 30% from the year-ago reported figure, respectively. However, estimates for revenues from customs brokerage and other services are pegged at $977.8 million, which suggests an increase of 9.3% year over year.
The declining operating expenses are bolstering EXPD’s bottom line. This fall in operating expenses is primarily driven by the decrease in salaries and related costs contributing to EXPD’s prospects in the to-be-reported quarter. Our estimate for total second-quarter operating expenses has decreased 8.1% year over year.
On the contrary, soft market conditions are expected to have continued to adversely impact the company’s performance in the to-be-reported quarter. However, EXPD is looking to cut costs to drive the bottom line in this weak demand scenario.
What Our Model Says
Our proven model predicts an earnings beat for Expeditorsthis time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat, which is the case here.
EXPDhas an Earnings ESP of +2.22% and a Zacks Rank #2. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Highlights of Q1
Expeditors' first-quarter 2024 earnings of $1.17 per share beat the Zacks Consensus Estimate of $1.10. The bottom line plunged 19% year over year due to volume woes. Total revenues of $2.206 billion beat the Zacks Consensus Estimate of $2.172 billion but declined 15% year over year.
Airfreight Services revenues tumbled 16.1% year over year to $759.37 million in the first quarter of 2024. Ocean freight and ocean services revenues decreased 18.1% to $570.78 million. Customs Brokerage and other services revenues fell 11.5% year over year to $876.51 million.
Total operating expenses dropped 14% to $1.99 billion.
Other Stocks to Consider
Here are a few other stocks from the broader Zacks Transportation sector that investors might want to consider, as our model shows that these also have the right combination of elements to beat second-quarter 2024 earnings.
Copa Holdings (CPA - Free Report) has an Earnings ESP of +1.55% and a Zacks Rank #3.The company is scheduled to report second-quarter 2024 earnings on Aug 8.
CPA surpassed the Zacks Consensus Estimate in each of the trailing four quarters. The average beat is 20.19%.
C.H. Robinson (CHRW - Free Report) has an Earnings ESP of +5.29% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.The company is scheduled to report second-quarter 2024 earnings on Jul 31.
CHRW surpassed the Zacks Consensus Estimate in three of the preceding four quarters and missed once. The average beat is 2.07%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.