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Expeditors International’s stock sinks after earnings, revenue miss expectations as freight shipping demand, rates remain soft

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Shares of Expeditors International of Washington Inc.

sank 5.8% toward an eight-month low in premarket trading Tuesday, after the air and ocean freight logisitics company missed third-quarter profit and revenue expectations, citing a continued deceleration in demand and soft rates. Net earnings fell to $171.4 million, or $1.16 a share, from $414.2 million, or $2.56 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.28. Revenue dropped 49.8% to $2.19 billion, below the FactSet consensus of $2.29 billion.

 

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