Expeditors International of Washington
(NASDAQ: EXPD)
38.48
-0.51
-1.31%
-0.51
-1.31%
MORE ON EXPD
COMPANY INFORMATION
| Exchange: | NASDAQ national market |
| Stock: | Expeditors International of Washington, Inc. |
| Industry: | Integrated Shipping & Logistics |
| Employees: | 13,700 |
DESCRIPTION
| Expeditors International of Washington, Inc. was incorporated in the state of Washington in 1979 and began operations in 1981 by coordinating airfreight shipments from Asia to the U.S. It is engaged in the business of providing global logistics services. The Company offers its customers a seamless international network supporting the movement and strategic positioning of goods. The Company’s services include the consolidation or forwarding of air and ocean freight. In each United States office, and in many overseas offices, the Company 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. The Company does not compete for overnight courier or small parcel business and does not own aircraft or steamships. Beginning in 1981, the Company’s primary business focus was on airfreight shipments from Asia to the United States and related customs brokerage and other services. In the mid-1980’s, the Company began to expand its service capabilities in export airfreight, ocean freight and distribution services. Today the Company offers a complete range of global logistics services to a diversified group of customers, both in terms of industry specialization and geographic location. The Company estimates its average airfreight consolidation weighs approximately 3,500 pounds and a typical consolidation includes merchandise from several shippers. Because shipment by air is relatively expensive compared with ocean transportation, air shipments are generally characterized by a high value-to-weight ratio, the need for rapid delivery, or both. The Company typically delivers shipments from a Company warehouse at the origin to the airline after consolidating the freight into containers or onto pallets. The Company consolidates individual shipments based on weight and volume characteristics in cost-effective combinations. The Company’s airfreight forwarding net revenues from a consolidated shipment include the differential between the rate charged to the Company by an airline and the rate which the Company charges to its customers, commissions paid to the Company by the airline carrying the freight and fees for ancillary services. The Company also performs breakbulk services which involve receiving and breaking down consolidated airfreight lots and arranging for distribution of the individual shipment. The global logistics services industry is intensely competitive and is expected to remain so for the foreseeable future. The primary competitive factors in the global logistics services industry continue to be price and quality of service, including reliability, responsiveness, expertise, convenience, and scope of operations. With respect to the Company’s activities in the air transportation industry in the United States, it is subject to regulation by the Transportation Security Administration ('TSA') of the Department of Homeland Security as an indirect air carrier. |
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