Upcoming Dividend • May 26
Upcoming dividend of US$0.81 per share Eligible shareholders must have bought the stock before 01 June 2026. Payment date: 15 June 2026. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 1.0%. Lower than top quartile of American dividend payers (4.2%). Lower than average of industry peers (3.3%). Live News • May 21
Expeditors International Sees Customs Services and Tech Investment Drive Revenue Resilience Customs brokerage work at Expeditors International of Washington is seeing higher demand tied to complex tariff-related tasks, refund processing and compliance, supporting revenue and operating margin performance.
The company reports strong airfreight demand connected to AI data center construction, while Middle East conflicts are affecting fuel pricing and air routes rather than causing major direct operational disruptions.
Expeditors is putting more capital into technology, including artificial intelligence tools, to handle increasing customs volumes and regulatory complexity, while keeping its focus on organic growth.
In earlier results, the company reported Q3 2020 diluted EPS of $1.12, net earnings of $191 million and a semi-annual cash dividend of $0.52 per share, with airfreight tonnage and ocean container volumes each 5% lower but supported by higher freight rates.
Taken together, the recent customs-driven revenue support, AI-related airfreight demand and tech investment highlight how Expeditors is leaning into complex trade flows and compliance work rather than pure volume growth.
For investors, the key watchpoints are how well technology spending translates into productivity and margin resilience, and how sensitive earnings remain to fuel costs, geopolitical disruptions and swings in freight rates. Declared Dividend • May 11
Dividend increased to US$0.81 Dividend of US$0.81 is 5.2% higher than last year. Ex-date: 1st June 2026 Payment date: 15th June 2026 Dividend yield will be 1.0%, which is lower than the industry average of 3.4%. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 7.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 19% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 07
Expeditors International of Washington, Inc. announces Semi-Annual dividend, payable on June 15, 2026 Expeditors International of Washington, Inc. announced Semi-Annual dividend of USD 0.8100 per share payable on June 15, 2026, ex-date on June 01, 2026 and record date on June 01, 2026. Reported Earnings • May 06
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: US$1.72 (up from US$1.48 in 1Q 2025). Revenue: US$2.78b (up 4.4% from 1Q 2025). Net income: US$229.6m (up 13% from 1Q 2025). Profit margin: 8.3% (up from 7.6% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.4%. Earnings per share (EPS) also surpassed analyst estimates by 28%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Logistics industry in the US. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Mar 25
Expeditors International of Washington, Inc., Annual General Meeting, May 05, 2026 Expeditors International of Washington, Inc., Annual General Meeting, May 05, 2026. Location: expeditors international, 3545 factoria blvd se, suite 300, belevue, wa 98006, United States Recent Insider Transactions • Mar 06
Insider recently sold US$1.5m worth of stock On the 27th of February, Blake Bell sold around 10k shares on-market at roughly US$144 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$5.4m more than they bought in the last 12 months. Recent Insider Transactions Derivative • Mar 01
Insider notifies of intention to sell stock Blake Bell intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 27th of February. If the sale is conducted around the recent share price of US$144, it would amount to US$1.5m. Since March 2025, Blake's direct individual holding has increased from 53.09k shares to 67.63k. Company insiders have collectively sold US$5.4m more than they bought, via options and on-market transactions in the last 12 months. Announcement • Feb 25
Expeditors International of Washington, Inc. (NYSE:EXPD) announces an Equity Buyback for $3,000 million worth of its shares. Expeditors International of Washington Inc. (NYSE:EXPD) announces a share repurchase program. Under the program, the company will repurchase up to $3,000 million worth of its common stock. Reported Earnings • Feb 24
Full year 2025 earnings: Revenues and EPS in line with analyst expectations Full year 2025 results: EPS: US$5.97 (up from US$5.75 in FY 2024). Revenue: US$11.1b (up 4.4% from FY 2024). Net income: US$810.3m (flat on FY 2024). Profit margin: 7.3% (down from 7.6% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) were also in line with analyst expectations. Revenue is forecast to grow 1.8% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Logistics industry in the US. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Price Target Changed • Jan 21
Price target increased by 8.3% to US$140 Up from US$130, the current price target is an average from 15 analysts. New target price is 14% below last closing price of US$163. Stock is up 45% over the past year. The company is forecast to post earnings per share of US$5.91 for next year compared to US$5.75 last year. Buy Or Sell Opportunity • Dec 08
Now 21% undervalued Over the last 90 days, the stock has risen 22% to US$148. The fair value is estimated to be US$188, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has declined by 15%. For the next 3 years, revenue is forecast to grow by 1.0% per annum. Earnings are also forecast to grow by 0.8% per annum over the same time period. Upcoming Dividend • Nov 24
Upcoming dividend of US$0.77 per share Eligible shareholders must have bought the stock before 01 December 2025. Payment date: 15 December 2025. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 1.1%. Lower than top quartile of American dividend payers (4.5%). Lower than average of industry peers (4.0%). Declared Dividend • Nov 07
Dividend of US$0.77 announced Shareholders will receive a dividend of US$0.77. Ex-date: 1st December 2025 Payment date: 15th December 2025 Dividend yield will be 1.1%, which is lower than the industry average of 3.4%. Sustainability & Growth Dividend is well covered by both earnings (24% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 7.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 9.5% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Nov 05
Price target increased by 7.3% to US$124 Up from US$115, the current price target is an average from 16 analysts. New target price is 10% below last closing price of US$138. Stock is up 16% over the past year. The company is forecast to post earnings per share of US$5.92 for next year compared to US$5.75 last year. Announcement • Nov 05
Expeditors International of Washington, Inc. Declares Semi-Annual Cash Dividend, Payable on December 15, 2025 Expeditors International of Washington, Inc. declared a semi-annual cash dividend of $0.77 per share, payable on December 15, 2025 to shareholders of record as of December 1, 2025. Reported Earnings • Nov 04
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$1.65. Revenue: US$2.89b (down 3.5% from 3Q 2024). Net income: US$222.3m (down 3.2% from 3Q 2024). Profit margin: 7.7% (in line with 3Q 2024). Revenue exceeded analyst estimates by 6.3%. Earnings per share (EPS) also surpassed analyst estimates by 18%. Revenue is forecast to stay flat during the next 3 years compared to a 3.3% growth forecast for the Logistics industry in the US. Recent Insider Transactions Derivative • Aug 07
Insider notifies of intention to sell stock Blake Bell intends to sell 18k shares in the next 90 days after lodging an Intent To Sell Form on the 6th of August. If the sale is conducted around the recent share price of US$118, it would amount to US$2.1m. Since December 2024, Blake's direct individual holding has increased from 52.94k shares to 57.08k. Company insiders have collectively sold US$2.7m more than they bought, via options and on-market transactions in the last 12 months. Reported Earnings • Aug 05
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: US$1.35 (up from US$1.24 in 2Q 2024). Revenue: US$2.65b (up 8.7% from 2Q 2024). Net income: US$183.6m (up 4.6% from 2Q 2024). Profit margin: 6.9% (down from 7.2% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 8.3%. Earnings per share (EPS) also surpassed analyst estimates by 7.9%. Revenue is forecast to stay flat during the next 3 years compared to a 3.1% growth forecast for the Logistics industry in the US. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Jul 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.0% to US$115. The fair value is estimated to be US$95.77, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 27% over the last 3 years. Earnings per share has declined by 23%. For the next 3 years, revenue is forecast to grow by 0.4% per annum. Earnings are forecast to decline by 0.6% per annum over the same time period. Buy Or Sell Opportunity • Jun 08
Now 20% overvalued Over the last 90 days, the stock has fallen 8.0% to US$112. The fair value is estimated to be US$93.48, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 27% over the last 3 years. Earnings per share has declined by 23%. For the next 3 years, revenue is forecast to grow by 0.5% per annum. Earnings are forecast to decline by 1.0% per annum over the same time period. Upcoming Dividend • May 26
Upcoming dividend of US$0.77 per share Eligible shareholders must have bought the stock before 02 June 2025. Payment date: 16 June 2025. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of American dividend payers (4.8%). Lower than average of industry peers (4.6%). Recent Insider Transactions • May 14
CEO, President & Director recently sold US$1.2m worth of stock On the 12th of May, Daniel Wall sold around 10k shares on-market at roughly US$116 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Daniel's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • May 13
CEO, President & Director notifies of intention to sell stock Daniel Wall intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 12th of May. If the sale is conducted around the recent share price of US$116, it would amount to US$1.2m. For the year to December 2018, Daniel's total compensation was 2% salary and 98% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since June 2024, Daniel's direct individual holding has increased from 66.28k shares to 70.33k. Company insiders have collectively sold US$3.0m more than they bought, via options and on-market transactions in the last 12 months. Buy Or Sell Opportunity • May 12
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 3.3% to US$116. The fair value is estimated to be US$93.29, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 27% over the last 3 years. Earnings per share has declined by 23%. For the next 3 years, revenue is forecast to grow by 0.5% per annum. Earnings are forecast to decline by 1.0% per annum over the same time period. Declared Dividend • May 09
Dividend increased to US$0.77 Dividend of US$0.77 is 5.5% higher than last year. Ex-date: 2nd June 2025 Payment date: 16th June 2025 Dividend yield will be 1.4%, which is lower than the industry average of 3.4%. Sustainability & Growth Dividend is well covered by both earnings (24% earnings payout ratio) and cash flows (26% cash payout ratio). The dividend has increased by an average of 8.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 3.4% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • May 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • May 07
Expeditors International of Washington, Inc. Declares a Semi-Annual Cash Dividend, Payable on June 16, 2025 Expeditors International of Washington, Inc. announced that on May 5, 2025 its Board of Directors declared a semi-annual cash dividend of $0.77 per share, payable on June 16, 2025 to shareholders of record as of June 2, 2025. Reported Earnings • May 07
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: US$1.48 (up from US$1.18 in 1Q 2024). Revenue: US$2.67b (up 21% from 1Q 2024). Net income: US$203.8m (up 21% from 1Q 2024). Profit margin: 7.6% (down from 7.7% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 4.9%. Earnings per share (EPS) also surpassed analyst estimates by 9.1%. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Logistics industry in the US. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$103, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 16x in the Logistics industry in the US. Total returns to shareholders of 10% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$114 per share. New Risk • Mar 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.08% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Feb 24
Expeditors International of Washington, Inc., Annual General Meeting, May 06, 2025 Expeditors International of Washington, Inc., Annual General Meeting, May 06, 2025. Announcement • Feb 21
Expeditors International of Washington, Inc. Announces Management Changes Expeditors International of Washington, Inc. announced that Jeffrey S. Musser, President, plans to retire, effective March 31, 2025. The Company also announced that the Board of Directors has unanimously elected Daniel R. Wall, current President – Global Geographies, as Expeditors’ next President, effective April 1, 2025. Upon his retirement, Mr. Musser will step down from the Board of Directors, and Mr. Wall will be appointed to the Board and stand for election at the Company’s upcoming Annual Meeting of Shareholders. Daniel R. Wall, 56, joined Expeditors in March 1987 and was promoted to District Manager in May 1992 and Global Director - Account Management in March 2002. Mr. Wall was elected Vice President – ECMS (Order Management) in January 2004 and Senior Vice President - Ocean Services in September 2004. Mr. Wall was appointed as President, Global Products in June 2015, and as President, Global Services, effective January 1, 2023. In October 2023, Mr. Wall was named President, Global Geographies and Operations, effective January 1, 2024. Reported Earnings • Feb 18
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: US$5.75 (up from US$5.05 in FY 2023). Revenue: US$10.6b (up 14% from FY 2023). Net income: US$810.1m (up 7.6% from FY 2023). Profit margin: 7.6% (down from 8.1% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 4.4%. Revenue is forecast to grow 2.0% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Logistics industry in the US. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Feb 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.2% to US$111. The fair value is estimated to be US$139, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 24% over the last 3 years. Earnings per share has declined by 21%. For the next 3 years, revenue is forecast to grow by 3.3% per annum. Earnings are also forecast to grow by 2.7% per annum over the same time period. Board Change • Dec 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 5 highly experienced directors. Independent Director Brandon Pedersen was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Nov 25
Upcoming dividend of US$0.73 per share Eligible shareholders must have bought the stock before 02 December 2024. Payment date: 16 December 2024. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of American dividend payers (4.2%). Lower than average of industry peers (3.4%). Declared Dividend • Nov 08
Dividend of US$0.73 announced Shareholders will receive a dividend of US$0.73. Ex-date: 2nd December 2024 Payment date: 16th December 2024 Dividend yield will be 1.2%, which is lower than the industry average of 3.4%. Sustainability & Growth Dividend is well covered by both earnings (28% earnings payout ratio) and cash flows (35% cash payout ratio). The dividend has increased by an average of 8.6% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 17% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 06
Expeditors International of Washington, Inc. Announces Semi-Annual Cash Dividend, Payable on December 16, 2024 Expeditors International of Washington, Inc. announced that on November 4, 2024 its Board of Directors declared a semi-annual cash dividend of $0.73 per share, payable on December 16, 2024 to shareholders of record as of December 2, 2024. Reported Earnings • Nov 05
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$1.64 (up from US$1.17 in 3Q 2023). Revenue: US$3.00b (up 37% from 3Q 2023). Net income: US$229.6m (up 34% from 3Q 2023). Profit margin: 7.7% (down from 7.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 21%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Logistics industry in the US. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 07
Second quarter 2024 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2024 results: EPS: US$1.24 (down from US$1.31 in 2Q 2023). Revenue: US$2.44b (up 8.9% from 2Q 2023). Net income: US$175.5m (down 11% from 2Q 2023). Profit margin: 7.2% (down from 8.8% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.4%. Earnings per share (EPS) missed analyst estimates by 1.6%. Revenue is forecast to grow 4.1% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Logistics industry in the US. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Jun 18
Independent Director recently sold US$1.0m worth of stock On the 14th of June, Mark Emmert sold around 8k shares on-market at roughly US$124 per share. This transaction amounted to 37% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.7m more than they bought in the last 12 months. Buy Or Sell Opportunity • Jun 05
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 3.5% to US$126. The fair value is estimated to be US$105, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.4% over the last 3 years. Earnings per share has declined by 6.2%. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings are also forecast to grow by 3.6% per annum over the same time period. Upcoming Dividend • May 27
Upcoming dividend of US$0.73 per share Eligible shareholders must have bought the stock before 03 June 2024. Payment date: 17 June 2024. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 1.2%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (3.4%). Declared Dividend • May 10
Dividend increased to US$0.73 Dividend of US$0.73 is 5.8% higher than last year. Ex-date: 3rd June 2024 Payment date: 17th June 2024 Dividend yield will be 1.2%, which is lower than the industry average of 3.4%. Sustainability & Growth Dividend is well covered by both earnings (29% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 8.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 18% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • May 08
Expeditors International of Washington, Inc. Declares Semi-Annual Cash Dividend, Payable on June 17, 2024 Expeditors International of Washington, Inc. announced that on May 6, 2024 its Board of Directors declared a semi-annual cash dividend of $0.73 per share, payable on June 17, 2024 to shareholders of record as of June 3, 2024. Reported Earnings • May 08
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: US$1.18 (down from US$1.47 in 1Q 2023). Revenue: US$2.21b (down 15% from 1Q 2023). Net income: US$169.2m (down 25% from 1Q 2023). Profit margin: 7.7% (down from 8.7% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Logistics industry in the US. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 1% per year. Announcement • Mar 27
Expeditors International of Washington, Inc., Annual General Meeting, May 07, 2024 Expeditors International of Washington, Inc., Annual General Meeting, May 07, 2024, at 08:00 Pacific Daylight. Location: Company's offices 3545 Factoria Blvd SE Bellevue Washington United States Agenda: To consider election of Directors; to approve Named Executive Officer Compensation; to approve Amendment to Employee Stock Purchase Plan; to approve ratification of Independent Registered Public Accounting Firm; to approve Shareholder Proposal: Regarding Report on Effectiveness of DEI Efforts; and to approve Shareholder Proposal: Regarding Establishment of Near- and Long Term Science-Based Greenhouse Gas Reduction Targets. New Risk • Mar 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.01% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. New Risk • Feb 28
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.02% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Feb 22
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at US$118. The fair value is estimated to be US$96.57, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 4.3%. For the next 3 years, revenue is forecast to grow by 3.1% per annum. Earnings are also forecast to grow by 1.7% per annum over the same time period. Reported Earnings • Feb 21
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: US$5.05 (down from US$8.33 in FY 2022). Revenue: US$9.30b (down 46% from FY 2022). Net income: US$752.9m (down 45% from FY 2022). Profit margin: 8.1% (up from 8.0% in FY 2022). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.3%. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 4.2% growth forecast for the Logistics industry in the US. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 8% per year. 
