Stock Track | Expeditors International Plunges Despite Q3 Earnings Beat

Stock Track11-06

Shares of Expeditors International of Washington (NYSE: EXPD) plummeted by 6.04% on November 6, 2024, despite the company reporting better-than-expected earnings for the third quarter of 2024.

Expeditors reported an adjusted earnings per share (EPS) of $1.63 for the quarter ended September 30, surpassing analysts' expectations of $1.35. However, the company's revenue growth forecast for the next three years at 2.4% fell short of the industry growth forecast of 4.7%, raising concerns among investors about its future growth prospects.

Several analysts have issued cautious ratings for Expeditors, citing challenges like market volatility, declining ocean freight rates, and growth concerns. These factors, combined with the stock's previous declines of 7.1% in the quarter and 4.1% year-to-date, may have contributed to the sell-off following the earnings release.

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