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Expeditors International of Washington
Seattle, WA
NASDAQ: EXPD
206-674-3400
Peter Rose, CEO & Chairman
3PL Turnover: $3.9b
Service Area: Africa, Asia, Americas, Europe, Middle East; NA Locations: 67 U.S., 8 Canada, 15 Mexico
3PL Assets: 10,566 employees
110 warehouses
Information Systems: Good
TMS - Proprietary
WMS - Proprietary
Services: Air freight forwarding, customs brokerage, transportation management, warehousing and distribution, supply chain consulting
Industry Focus/Key Customers: Automotive, electronics, retail, chemicals, healthcare
Key Customers: Ace Hardware, Cisco, General Motors, Merck, Motorola, Toyota, Trane
Armstrong & Associates' Evaluation: Expeditors continued its strong organic growth in 2005. Net revenues reached $1.06 billion and produced a 27.2% gross margin. Net revenues are 38% air freight forwarding, 38% customs brokerage and 24% ocean freight forwarding. U.S. and Asia business account for 70% of revenues. Expeditors is the largest forwarder/NVOCC in the Asia/U.S. lane. It handles 350,000 TEUs per year with a 4:1 imbalance. 210,000 TEUs are from China to the U.S. Expeditors' European operations are primarily in airfreight and constitute 16% of revenues, growing 4% in 2005. Expeditors continues to be one of the best run freight forwarding operations. It has had some recent personnel defections and their impact needs to be watched.