Expeditors has announced its Q2 2023 financial results, showing a revenue decrease of 51% year-on-year (y-o-y), to $2.2 bn. Operating income decreased by 51% to $248m.
Airfreight services revenue decreased to $751.17m, down from $1.6bn in 2022, while ocean freight and ocean services revenue fell to $593.8, in 2023, down from $1.76bn in 2022.
Airfreight tonnage volume decreased 15% and ocean container volume decreased 13%.
Customer brokerage and other services revenue decreased to $894.78m in Q1 2023, down from $1.24bn in 2022. Operating expenses fell to $1.99bn, down from $4.1bn in 2022.
Geographically, US revenues went down to $805.9m, compared to $1.27bn in 2022. Operating income was at a $ 123.55m loss in Q2 2023.
North America revenues decreased to $110.2 m, compared to $144.96m in 2022. Operating income was at a $6.35m loss. Latin America revenues were $49.97m in 2023, down from $66.14m in 2022. Operating income was at a $4.28m loss.
North Asia revenues decreased to $510m, falling from $1.58bn in 2022. Operating income was at a $53.8m loss. South Asia’s revenue was $199.9m, down from $611.2m in 2022. Operating income was at a $21.3m loss.
Revenues in Europe amounted to $440.9m in 2023, down from $658.3m in 2022. Operating income was at a $26.9m loss.
Middle East, Africa and India revenues were $123.9m in 2023, decreasing from $275.9m in 2022. Operating income was at a 12.3m loss in 2023.
Source: Expeditors
