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Expeditors (EXPD) Q2 Earnings In Line, Revenues Beat Estimates
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Expeditors International of Washington’s (EXPD - Free Report) second-quarter 2024 earnings of $1.24 per share matched the Zacks Consensus Estimate. The bottom line declined 4.6% year over year due to high costs. Total revenues of $2.44 billion beat the Zacks Consensus Estimate of $2.22 billion and increased 8.9% year over year.
Airfreight tonnage volume increased 15% and ocean container volume decreased 3% year over year. We had expected airfreight tonnage to increase 4% and ocean container volumes to decline 5.7% from second-quarter 2023 actuals.
Operating income fell 10% year over year to $224 million. Total operating expenses increased 11.1% to $2.22 billion.
Airfreight Services revenues tumbled 14.1% year over year to $860.3 million in the second quarter of 2024. Ocean freight and ocean services revenues increased 9.7% to $651.7 million. Customs Brokerage and other services revenues increased 3.6% year over year to $927 million.
In the second quarter of 2024, Expeditors repurchased 0.9 million shares at an average price of $116.8 per share. EXPD returned $205 million to its shareholders via share repurchases and dividends.
EXPD exited the second quarter of 2024 with cash and cash equivalents of $1.27 billion compared with $1.51 billion in 2023-end.
Delta Air Lines (DAL - Free Report) reported second-quarter 2024 earnings (excluding 35 cents from non-recurring items) of $2.36 per share, which marginally missed the Zacks Consensus Estimate of $2.37. Earnings decreased 11.9% on a year-over-year basis. Apart from high costs, the carrier blamed the discounting pressure at the low end of the market, which hurt its pricing power, for the disappointing performance.
Revenues of $16.65 billion surpassed the Zacks Consensus Estimate of $16.25 billion and increased 6.9% year over year, driven by upbeat air travel demand. Adjusted operating revenues (excluding third-party refinery sales) came in at $15.41 billion, up 5.4% year over year.
J.B. Hunt Transport Services (JBHT - Free Report) reported disappointing second-quarter 2024 results wherein both earnings and revenues lagged the Zacks Consensus Estimate.
JBHT’s earnings of $1.32 per share missed the Zacks Consensus Estimate of $1.51 and declined 27% year over year.
JBHT’s total operating revenues of $2.93 billion missed the Zacks Consensus Estimate of $3.03 billion and fell 7% year over year. Total operating revenues, excluding fuel surcharge revenues, fell 6% year over year. The downfall was owing to a 5% decrease in gross revenue per load in Intermodal and a decline in load volume of 25% in Integrated Capacity Solutions (“ICS”), 9% in Truckload and 9% in Dedicated Contract Services.
United Airlines Holdings (UAL - Free Report) reported second-quarter 2024 earnings per share (excluding 18 cents from non-recurring items) of $4.14, which surpassed the Zacks Consensus Estimate of $3.97. Earnings decreased 17.7% on a year-over-year basis.
Operating revenues of $14.98 billion missed the Zacks Consensus Estimate of $15.13 billion. The top line increased 5.7% year over year attributed to upbeat air-travel demand. This was driven by a 5.2% rise in passenger revenues (which accounted for 91.2% of the top line) to $13.680 billion. Almost 44,375 passengers traveled on UAL flights in the second quarter, up 5.8% year over year.
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Expeditors (EXPD) Q2 Earnings In Line, Revenues Beat Estimates
Expeditors International of Washington’s (EXPD - Free Report) second-quarter 2024 earnings of $1.24 per share matched the Zacks Consensus Estimate. The bottom line declined 4.6% year over year due to high costs. Total revenues of $2.44 billion beat the Zacks Consensus Estimate of $2.22 billion and increased 8.9% year over year.
Airfreight tonnage volume increased 15% and ocean container volume decreased 3% year over year. We had expected airfreight tonnage to increase 4% and ocean container volumes to decline 5.7% from second-quarter 2023 actuals.
Operating income fell 10% year over year to $224 million. Total operating expenses increased 11.1% to $2.22 billion.
Airfreight Services revenues tumbled 14.1% year over year to $860.3 million in the second quarter of 2024. Ocean freight and ocean services revenues increased 9.7% to $651.7 million. Customs Brokerage and other services revenues increased 3.6% year over year to $927 million.
In the second quarter of 2024, Expeditors repurchased 0.9 million shares at an average price of $116.8 per share. EXPD returned $205 million to its shareholders via share repurchases and dividends.
EXPD exited the second quarter of 2024 with cash and cash equivalents of $1.27 billion compared with $1.51 billion in 2023-end.
The company currently carries a Zacks Rank #2 (Buy), You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Expeditors International of Washington, Inc. Price, Consensus and EPS Surprise
Expeditors International of Washington, Inc. price-consensus-eps-surprise-chart | Expeditors International of Washington, Inc. Quote
Performances of Other Transportation Companies
Delta Air Lines (DAL - Free Report) reported second-quarter 2024 earnings (excluding 35 cents from non-recurring items) of $2.36 per share, which marginally missed the Zacks Consensus Estimate of $2.37. Earnings decreased 11.9% on a year-over-year basis. Apart from high costs, the carrier blamed the discounting pressure at the low end of the market, which hurt its pricing power, for the disappointing performance.
Revenues of $16.65 billion surpassed the Zacks Consensus Estimate of $16.25 billion and increased 6.9% year over year, driven by upbeat air travel demand. Adjusted operating revenues (excluding third-party refinery sales) came in at $15.41 billion, up 5.4% year over year.
J.B. Hunt Transport Services (JBHT - Free Report) reported disappointing second-quarter 2024 results wherein both earnings and revenues lagged the Zacks Consensus Estimate.
JBHT’s earnings of $1.32 per share missed the Zacks Consensus Estimate of $1.51 and declined 27% year over year.
JBHT’s total operating revenues of $2.93 billion missed the Zacks Consensus Estimate of $3.03 billion and fell 7% year over year. Total operating revenues, excluding fuel surcharge revenues, fell 6% year over year. The downfall was owing to a 5% decrease in gross revenue per load in Intermodal and a decline in load volume of 25% in Integrated Capacity Solutions (“ICS”), 9% in Truckload and 9% in Dedicated Contract Services.
United Airlines Holdings (UAL - Free Report) reported second-quarter 2024 earnings per share (excluding 18 cents from non-recurring items) of $4.14, which surpassed the Zacks Consensus Estimate of $3.97. Earnings decreased 17.7% on a year-over-year basis.
Operating revenues of $14.98 billion missed the Zacks Consensus Estimate of $15.13 billion. The top line increased 5.7% year over year attributed to upbeat air-travel demand. This was driven by a 5.2% rise in passenger revenues (which accounted for 91.2% of the top line) to $13.680 billion. Almost 44,375 passengers traveled on UAL flights in the second quarter, up 5.8% year over year.