Freight-forwarding provider Expeditors International said Thursday that first-quarter profit rose 5 percent as airfreight volume increased.
Revenue, however, was flat with a year ago and lower than expected.
The Seattle company said prices remained “somewhat volatile,” but it was pleased with the second straight quarter of airfreight tonnage improvement.
“There is a certain stability in these quarterly results that may not be as apparent on the surface as they were reassuring to us here,” Chairman and CEO Peter J. Rose said.
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Rose said he felt better about the state of the company than he did at this time in 2012.
Net income was $80.3 million, or 39 cents a share, compared with $76.7 million, or 36 cents a share, a year earlier.
Revenue was about the same as a year ago, at $1.41 billion.
Analysts expected the company to earn 39 cents a share on revenue of $1.47 billion, according to a FactSet survey.
Expeditors on Thursday also declared a semiannual dividend of 30 cents per share.The dividend, 2 cents higher than the dividend announced last November, will be payable on June 17 to shareholders as of June 3.