Company Reports Revenue of $9.3 billion
EXPEDITORS INTERNATIONAL OF WASHINGTON INC [EXPD] has reported a net loss of $751.8 million for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $9.3 billion
Based in SEATTLE, Washington, EXPEDITORS INTERNATIONAL OF WASHINGTON INC operates in the TRANSPORT sector.
In the consolidated statements of earnings for the 12 months ended December 31, 2023, the company reported revenues as follows:
- Revenue from contract with customer, excluding assessed tax, amounted to $9,300.11 million, compared to $17,071.28 million in the same period in 2022 and $16,523.52 million in 2021.
Operating expenses for the same period were as follows:
- Directly related cost of transportation and other expenses totaled $6,054.00 million, $12,576.90 million, and $12,058.16 million in 2023, 2022, and 2021, respectively.
- Salaries and related costs were $1,700.52 million, $2,056.39 million, and $2,062.35 million in 2023, 2022, and 2021.
- Rent and occupancy costs were $232.36 million, $209.53 million, and $186.29 million in 2023, 2022, and 2021.
- Depreciation and amortization expenses were $67.76 million, $57.34 million, and $51.31 million in 2023, 2022, and 2021.
- Selling and promotion expenses were $27.91 million, $24.29 million, and $16.03 million in 2023, 2022, and 2021, respectively.
- Other operating expenses amounted to $277.63 million, $322.47 million, and $240.06 million in 2023, 2022, and 2021.
The operating income for 2023 was $939.93 million, compared to $1,824.37 million in 2022 and $1,909.33 million in 2021.
Other income (expense) for the period included:
- Interest income of $70.45 million, $25.55 million, and $8.81 million in 2023, 2022, and 2021.
- Interest expense of ($4.80) million, ($23.28) million, and ($0.41) million in 2023, 2022, and 2021.
- Other, net income of $9.44 million, $9.24 million, and $6.89 million in 2023, 2022, and 2021.
- Earnings before income taxes were $1,015.03 million, $1,835.89 million, and $1,924.62 million in 2023, 2022, and 2021.
The company reported net earnings of $751.78 million in 2023, $1,360.61 million in 2022, and $1,418.85 million in 2021.
The diluted earnings attributable to shareholders per share were $5.01, $8.26, and $8.27 in 2023, 2022, and 2021, respectively. Basic earnings attributable to shareholders per share were $5.05, $8.33, and $8.37 in 2023, 2022, and 2021.
In the specific segments of the business:
- Airfreight services generated revenues of $3,246.53 million in 2023, $5,886.89 million in 2022, and $6,771.40 million in 2021.
- Ocean freight and ocean services had revenues of $2,363.24 million, $6,544.56 million, and $5,545.82 million in 2023, 2022, and 2021, respectively.
- Customs brokerage and other services reported revenues of $3,690.34 million, $4,639.84 million, and $4,206.30 million in 2023, 2022, and 2021.
The directly related cost of transportation and other expenses for the segments were also provided.
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