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Expeditors Int'l profit rises on freight, brokerage growth

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May 8, 2008

SEATTLE—Expeditors International of Washington Inc. said Thursday its first-quarter earnings rose 12 percent on growth across its freight and brokerage businesses, but the results narrowly missed Wall Street's expectations.

The company earned $66.5 million, or 30 cents per share, compared with $59.3 million, or 27 cents per share, in the year-ago quarter. The company said it took $1.6 million in legal fees related to a Department of Justice industry probe in the quarter.

Revenue rose 17 percent to $1.31 billion from $1.12 billion in the first quarter of 2007.

Analysts were expecting a profit of 31 cents per share on revenue of $1.3 billion, according to a poll by Thomson Financial.

Expeditors said airfreight revenue rose 16 percent to $599.8 million, while ocean freight revenue rose 19 percent to $446.8 million. Revenue in the company's brokerage division rose 15 percent to $260.8 million.

© Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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