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First Posted: 8/7/2012 (AP) Expeditors International of Washington Inc. said Tuesday that its second-quarter net income fell 12 percent on lower demand for shipping services and higher costs stemming from tough economic conditions.
The Seattle-based global logistics company earned $84 million, or 39 cents per share, for the three months ended June 30, down from $95 million, or 44 cents per share, a year ago. Revenue fell 4.8 percent to $1.5 billion from $1.58 billion.
The results fell short of Wall Street predictions. Analysts, on average, expected earnings of 43 cents per share on $1.6 billion in revenue, according to a FactSet poll.
Airfreight volumes fell 10 percent from year-ago levels, while airfreight revenue decreased 15 percent to $638.5 million. Volumes at the company's ocean freight business rose 1 percent and ocean freight revenue rose 6.6 percent to $519 million, the company said.
Shares of Expeditors fell 50 cents, or 1.4 percent, to $35.54 in afternoon trading. They are near the lower end of their 52-week range of $34.83 to $47.73.
<a title="Associated Press" href="http://www.ap.org" class="url org fn">Associated Press</a>

Expeditors International 2Q profit falls 12 pct