Expeditors International of Washington(EXPD) - 2024 Q4 - Annual Results

Financial Performance - Diluted earnings per share (EPS) increased 54% to $1.68 compared to Q4 2023[6] - Net earnings attributable to shareholders rose 49% to $236 million, while operating income increased 51% to $301 million[6] - Revenues for Q4 2024 reached $3.0 billion, marking a 30% increase year-over-year[6] - Total revenues for Q4 2024 reached $2,954.7 million, a 29.7% increase from $2,277.8 million in Q4 2023[18] - Net earnings for Q4 2024 were $236.2 million, up 48.4% compared to $159.1 million in Q4 2023[18] - Operating income for the twelve months ended December 31, 2024, was $1,041.3 million, representing an increase of 10.8% from $939.9 million in 2023[18] - Operating income for the three months ended December 31, 2024, was $301.1 million, compared to $199.4 million in the same period of 2023, reflecting an increase of about 50.9%[22] Shareholder Returns - The company returned $1.1 billion to shareholders through stock repurchases and dividends in 2024[7] - The company repurchased common stock totaling $855.1 million during the twelve months ended December 31, 2024[20] Operational Efficiency - Operating efficiency remained above the 30% target, driven by growth in air and ocean shipments[7] - Airfreight tonnage increased by 11% and ocean container volume grew by 14% in Q4 2024[6] Assets and Liabilities - Total assets increased to $4.75 billion as of December 31, 2024, compared to $4.52 billion in 2023[16] - The identifiable assets at the end of December 31, 2024, totaled $4,754.5 million, compared to $4,523.8 million at the end of December 31, 2023, showing an increase of about 5.1%[22] - Equity at the end of December 31, 2024, was $2,225.8 million, compared to $2,391.4 million at the end of December 31, 2023, showing a decrease of about 6.9%[22] Cash Flow - Cash and cash equivalents at the end of Q4 2024 were $1,148.3 million, a decrease from $1,512.9 million at the end of Q4 2023[20] - Net cash from operating activities for the twelve months ended December 31, 2024, was $723.4 million, down from $1,053.2 million in 2023[20] Expenses - Total operating expenses for Q4 2024 were $2,653.6 million, a 27.5% increase from $2,078.4 million in Q4 2023[18] - Directly related costs of transportation and other expenses for the three months ended December 31, 2024, were $2,020.1 million, compared to $1,513.6 million in the same period of 2023, an increase of approximately 33.4%[22] - Salaries and related expenses for the three months ended December 31, 2024, were $472.8 million, up from $409.6 million in the same period of 2023, representing an increase of about 15.4%[22] - Income tax expense for Q4 2024 was $77.1 million, compared to $57.2 million in Q4 2023, reflecting a 34.7% increase[18] - Depreciation and amortization for the twelve months ended December 31, 2024, totaled $61.1 million, compared to $67.8 million in 2023, indicating a decrease of approximately 9.5%[22] Employment - The company employed 18,917 full-time equivalents as of December 31, 2024, an increase from 18,452 in 2023[13] Investments - Significant investments were made in cybersecurity and technology to enhance operational capabilities[7] Market Challenges - The company anticipates challenges in predicting global air supply and demand due to geopolitical uncertainties[5]