Shares of Expeditors International of Washington Inc. (EXPD) have dipped more than 5% so far today after offering a lower-than-expected second-quarter outlook late Friday.
The logistics services provider now anticipates earnings of 24 cents to 26 cents per share, well below the consensus forecast of 31 cents per share derived from 13 covering analysts. The company reported earnings of 32 cents per share in the year-ago quarter.
Expeditors International cited continuation of sluggish volumes as the primary reason for the guidance.
Meanwhile, the consensus estimate for full-year earnings has declined 2 cents, or 1.5%, over the past month to $1.29 per share.
Expeditors International is scheduled to report second-quarter earnings on Aug 4.
EXPD, a Zacks #3 Rank (“Hold”) stock, is trading on heavier-than-normal volume of approximately 3.8 million, against the average daily volume of about 1.9 million.
“EXPD” Free Stock Analysis: Buy? Sell? Hold?
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