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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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WeWork stock still halted for news, with no release or comment from the companyTomi Kilgore is MarketWatch's deputy investing and corporate news editor and is based in New York. You can follow him on Twitter TomiKilgore.
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