AMERICA's biggest forwarder, and No 5 in the world, Expeditors International posted a profit of US$385.7 million in 2011, up 12 per cent year on year drawn on revenue growth of three per cent to $6.15 billion.
    In the fourth quarter the Seattle-based company suffered a four per cent year-on-year profit decline to US$92.8 million on revenue growth of five per cent to $1.5 billion.
    "We would like to have stronger freight volumes, but the customary peak season never materialised. Lack of a peak season created irregular demand throughout the fourth quarter," said Expeditors chairman and CEO Peter Rose.
    "While this resulted in intermittent spot buying opportunities in both the air and ocean freight, ultimately they were not sufficient to compensate for relatively weaker freight demand," he said.
    "Operating income as a percentage of net revenue, at 32.6 per cent, remained well above 30 per cent for the seventh straight quarter," said Mr Rose.
    "While 2011 was a record year, and we are generally optimistic about 2012, the underlying flow of goods both in the global economy and throughout our network in January still give us some cause to reiterate those concerns in the near term," he added.
 

(source:shipping online)