Expeditors’ 2Q Airfreight and Customs Brokerage Trends Solid, but Ocean Freight Wavy
Wide-moat global forwarder Expeditors International's second-quarter gross revenue grew 14% when adjusted for revenue recognition accounting changes in the customs brokerage division. Top-line growth came in modestly ahead of our expected run rate on greater-than-expected strength in customs brokerage business and airfreight business, partly offset by weaker-than-anticipated ocean freight volume. Adjusted operating profitability (EBIT/net revenue) came in modestly shy of our forecast, likely bec...Expeditors International of Washington provides global logistics services. As a third party logistics provider, the company purchases cargo space from carriers (such as airlines, ocean shipping lines, and trucking lines) on a volume basis and resells that space to its customers. The company provides a range of transportation services and customer solutions, such as customs brokerage, order management, transportation, warehousing and distribution, transit, cargo insurance, cargo monitoring and tracking, and other customized logistics and consulting solutions. The company's Project Cargo unit handles special project shipments that move via a single method or combination of air, ocean, and/or ground transportation.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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