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By : Expeditors International of Washington , Inc. 1015 Third Avenue Seattle , Washington 98104 CONTACTS : EARNINGS RELEASE Jeffrey S. Musser Bradley S. Powell President and Chief Executive Officer ( 206 ) 674-3433 Senior Vice President and Chief Financial Officer ( 206 ) 674-3412 Expeditors You'd be surprised how far we'll go for you . Geoffrey Buscher Director - Investor Relations ( 206 ) 892-4510 FOR IMMEDIATE RELEASE EXPEDITORS REPORTS THIRD QUARTER 2021 EPS OF $ 2.09 SEATTLE , WASHINGTON - November 2 , 2021 , Expeditors International of Washington , Inc. ( NASDAQ : EXPD ) today announced third quarter 2021 financial results including the following highlights compared to the same quarter of 2020 : • Diluted Net Earnings Attributable to Shareholders per share ( EPS¹ ) increased 87 % to $ 2.09 Net Earnings Attributable to Shareholders increased 88 % to $ 359 million Operating Income increased 94 % to $ 490 million Revenues increased 84 % to $ 4.3 billion Airfreight tonnage volume and ocean container volume increased 28 % and 15 % , respectively " In a marketplace that remains severely impacted by labor and infrastructure constraints throughout the supply chain , our people continue to perform at their best by identifying , accessing , and securing available space , " said Jeffrey S. Musser , President and Chief Executive Officer . " There remains an overall deficiency of available air capacity due to a reduction of passenger belly space on international routes . Despite increased utilization of air charters , there is insufficient capacity to meet the current high demand . At the same time , unprecedented congestion at the ocean ports due to labor and equipment shortages is disrupting sailing schedules and causing significant delays . There is simply not enough equipment , warehouse and pier space , or people in the locations where they are needed to meaningfully reduce the significant backlogs of cargo . Handling record volumes under these conditions has not been easy , but we continue to set records for company performance by servicing our customers at the highest level . " The entire global infrastructure for the movement of cargo remains stretched beyond its limits . While certain ocean ports are particularly constrained , most notably on the U.S. west coast , many of the current bottlenecks stem from supply and infrastructure issues that were building well before the pandemic . The global reaction to COVID - 19 , including lockdowns , facility closures and spikes in demand for certain products , exposed and exacerbated those long - simmering issues . Unfortunately , there is no simple or immediate fix . As a result , we believe these current conditions are likely to last well into 2022 . " We also believe , as we always have , that our company's best strategy for achieving ongoing success in servicing our customers and growing our business depends on our strong culture of close collaboration . As many of the most restrictive pandemic precautionary measures are being lifted around the world , we are carefully bringing our people back to on - site work in a measured and cautious manner . Our view is that the stresses of so many of our people working at such an accelerated pace from so many remote , off - site locations would be unsustainable over the long term . " Bradley S. Powell , Senior Vice President and Chief Financial Officer , added , “ Our strong results continue to demonstrate our ability to adapt and perform exceptionally well on behalf of our customers under very trying conditions . Demand continues to far outstrip available capacity . Buy and sell rates for both air and ocean remain elevated and erratic . Despite those conditions , our operating efficiency is strong , even as each individual shipment requires more resources and greater attention , and conditions change rapidly . While we are performing exceptionally well under these trying circumstances , I continue to caution that we are unable to predict how long the current conditions will persist or the impact they will have on our future operations . " Expeditors is a global logistics company headquartered in Seattle , Washington . The Company employs trained professionals in 176 district offices and numerous branch locations located on six continents linked into a seamless worldwide network through an integrated information management system . Services include the consolidation or forwarding of air and ocean freight , customs brokerage , vendor consolidation , cargo insurance , time - definite transportation , order management , warehousing and distribution and customized logistics solutions . ¹Diluted earnings attributable to shareholders per share . NOTE : See Disclaimer on Forward - Looking Statements in this release .