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Company Profile of Expeditors International
Company Profile of Expeditors International - May 5th, 2011
Expeditors International of Washington, Inc. (NASDAQ: EXPD) is an American global logistics and freight forwarding company. The headquarters are on the 12th floor of 1015 Third Avenue in Seattle, Washington.
Expeditors has 255 locations worldwide as of November 11, 2008 providing staff of over 12,000 who satisfy the needs of international trade using integrated information systems.
Services include customs clearance, vendor consolidation, air and ocean freight forwarding, insurance, ocean consolidation, distribution, professional services (Tradewin), supply chain software (Tradeflow) and other value-added services. Expeditors' track and trace system is known as exp.o.
Expeditors International of Washington, Inc., incorporated on May 1979, is engaged in the business of providing global logistics services. The Company offers its customers a network supporting the movement and positioning of goods. Its services include the consolidation or forwarding of air and ocean freight. It also acts as a customs broker. The Company also provides additional services, including distribution management, vendor consolidation, cargo insurance, purchase order management and customized logistics information.
During the year ended December 31, 2009, airfreight 35% of the Company’s consolidated revenues net of freight consolidation expenses (net revenues) respectively. When performing airfreight services, the Company acts as a freight consolidator or as an agent for the airline, which carries the shipment. When acting as a freight consolidator, the Company purchases cargo space from airlines on a volume basis and resells space to its customers at lower rates than the customers could obtain directly from airlines. When moving shipments between points where the volume of business does not facilitate consolidation, the Company receives and forwards individual shipments as the agent of the airline, which carries the shipment.
In its airfreight forwarding operations, the Company procures shipments from its customers, determines the routing, consolidates shipments bound for a particular airport distribution point, and selects the airline for transportation to the distribution point. At the distribution point, the Company or its agent arranges for the consolidated lot to be broken down into its component shipments and for the transportation of the individual shipments to their final destinations.
The Company deliver shipments from a Company warehouse at the origin to the airline after consolidating the freight into containers or onto pallets. Shipments arrive at the destination distribution point within 48 hours after such delivery. The Company also performs breakbulk services which involve receiving and breaking down consolidated airfreight lots and arranging for distribution of the individual shipments. Breakbulk service revenues also include commissions from agents for airfreight shipments.
Ocean Freight and Ocean Services
During the year ended December 31, 2009, the ocean freight services accounted for approximately 24% of the Company’s consolidated revenues. The Company operates Expeditors International Ocean (EIO), an ocean transportation intermediary focusing in ocean freight consolidation from Asia to the United States. EIO also provides service, on a smaller scale, to and from any location where the Company has an office or agent. EIO solicits less-than container load (LCL) freight to fill the containers and charges lower rates than those available directly from shipping lines. EIO also handles full container loads for customers that do not have annual shipping volumes sufficient to negotiate comparable contracts directly with the ocean carriers.
Order Management provides origin consolidation, vendor management, container management, document management, destination management and PO/SKU visibility through a Web-based and server-based application. Order Management is available for various modes of transportation including ocean, air, truck and rail. The basic function of Order Management involves the taking of cargo from many vendors in a particular origin and consolidating these shipments into the fewest possible number of containers to maximize space and minimize cost.
Customs Brokerage and Other Services
During the year ended December 31, 2009, customs brokerage and other services accounted for approximately 41% of the Company’s consolidated net revenues. As a customs broker, the Company assists importers to clear shipments through customs by preparing required documentation, calculating and providing for payment of duties on behalf of the importer, arranging for any required inspections by governmental agencies, and arranging for delivery. It also provides for other services at destination, such as warehousing and product distribution, time definite transportation and inventory management.
The Company provides customs clearance services in connection with many of the shipments it handles as a freight forwarder. It also provides custom clearances for goods moving by rail and truck between the United States, Canada and/or Mexico. The Company’s wholly owned subsidiary, Expeditors Tradewin, L.L.C., responds to customer driven requests for customs consulting services.
Expeditors International of Washington, Inc. became a publicly traded company in 1984 with the listing of its shares on NASDAQ under the ticker symbol EXPD (NASDAQ: EXPD) and were named to the NASDAQ-100 in 2002. During their first year as a public company, Expeditors International reported more than $50 million in gross revenues and $2.1 million in net earnings. Expeditors is currently #458 on the Fortune 500 (2008). Total revenues exceeded five billion ($5.235 billion) in 2007.
The company CEO is Peter Rose, no relation to the baseball player of the same name.
They are known in the financial services community for their unconventional and entertaining SEC filings, which are rumored to be written by Peter Rose himself, as well as its responses to questions submitted to the company, which are placed on Expeditors' Investor website
Market Cap (Mil.): $11,195.46
Shares Outstanding (Mil.): 212.04
Annual Dividend: 0.40
Yield (%): 0.76
EXPD.O Industry Sector
P/E (TTM): 33.21 5.50 16.70
EPS (TTM): 43.28 -- --
ROI: 20.15 1.19 3.22
ROE: 20.90 1.65 5.81
Name Age Since Current Position
Rose, Peter 67 1991 Chairman of the Board, Chief Executive Officer
Gates, R. Jordan 55 2009 President, Chief Operating Officer, Director
Powell, Bradley 50 2008 Chief Financial Officer
Wang, James 63 2010 President, Asia Pacific, Director
Saber, Rommel 53 2006 President - Europe, Africa, Near/Middle East and Indian Subcontinent
Barber, Timothy 51 2008 President - Global Sales & Marketing
Villanueva, Robert 58 2004 President - The Americas
Musser, Jeffrey 45 2009 Executive Vice President, Chief Information Officer
Alger, Eugene 50 2008 Executive Vice President, North America
Coughlin, Philip 50 2008 Executive Vice President, North America
Esposito, Rosanne 59 2004 Executive Vice President - Global Customs
Lynch, Charles 50 2002 Senior Vice President - Corporate Controller
Wall, Daniel 42 2004 Senior Vice President - Ocean Services
Ubeda, Jose 44 2010 Senior Vice President - Air Cargo
Tangeman, Amy 42 2006 Vice President - General Counsel, Secretary
Wright, Robert 50 2010 Lead Independent Director
Kourkoumelis, Dan 67 1993 Independent Director
Meisenbach, John 74 1991 Independent Director
Malone, Michael 65 1999 Independent Director
Emmert, Mark 58 2008 Independent Director
Expeditors International Of Washington Inc
1015 Third Avenue
Seattle WA 98104
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