Expeditors revenue jumps 32% to $3.5 billion

• Expeditors reported second-quarter revenue of $3.502 billion and diluted EPS of $2.03.
• Net earnings rose 45% to $266 million, while shares gained 1.4% in early trading.
• The company is expanding time-critical aviation services and modernizing its technology operations.

Expeditors International of Washington (NYSE:EXPD) reported second-quarter revenue of $3.502 billion, up 32%, while diluted EPS increased 51% to $2.03.

Net earnings rose 45% to $266 million and operating income increased 41% to $350 million, compared with revenue of $2.652 billion last year.

Airfreight tonnage rose 14% and ocean volume was flat, while a $25 million restructuring charge was partly offset by a $16 million property gain.

Following the announcement, Expeditors' share price was up 1.4% at $172.91.

Expeditors expanded its Critical Logistics Services in July with broader Aircraft on Ground capabilities for time-sensitive aviation and aerospace shipments.

The company returned $461 million during the quarter and $748 million during the first half through dividends and share repurchases.