Intrinsic value of Expeditors International of Washington - EXPD

Previous Close

$72.00

  Intrinsic Value

$74.63

stock screener

  Rating & Target

hold

+4%

Previous close

$72.00

 
Intrinsic value

$74.63

 
Up/down potential

+4%

 
Rating

hold

We calculate the intrinsic value of EXPD stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 12.9

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  13.50
  12.65
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.29
  7.96
  7.67
  7.40
  7.16
  6.94
  6.75
  6.58
  6.42
  6.28
  6.15
  6.03
  5.93
  5.84
  5.75
  5.68
  5.61
  5.55
  5.49
  5.44
  5.40
Revenue, $m
  7,855
  8,849
  9,901
  11,009
  12,174
  13,393
  14,668
  15,998
  17,383
  18,825
  20,324
  21,882
  23,502
  25,184
  26,933
  28,751
  30,642
  32,608
  34,655
  36,785
  39,005
  41,318
  43,729
  46,245
  48,871
  51,613
  54,477
  57,470
  60,599
  63,872
Variable operating expenses, $m
  6,991
  7,875
  8,811
  9,798
  10,834
  11,919
  13,054
  14,237
  15,470
  16,753
  18,086
  19,473
  20,914
  22,411
  23,968
  25,585
  27,268
  29,018
  30,839
  32,735
  34,710
  36,768
  38,914
  41,153
  43,490
  45,930
  48,478
  51,142
  53,926
  56,839
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  6,991
  7,875
  8,811
  9,798
  10,834
  11,919
  13,054
  14,237
  15,470
  16,753
  18,086
  19,473
  20,914
  22,411
  23,968
  25,585
  27,268
  29,018
  30,839
  32,735
  34,710
  36,768
  38,914
  41,153
  43,490
  45,930
  48,478
  51,142
  53,926
  56,839
Operating income, $m
  864
  974
  1,089
  1,211
  1,340
  1,474
  1,614
  1,761
  1,913
  2,072
  2,238
  2,410
  2,588
  2,773
  2,966
  3,166
  3,374
  3,591
  3,816
  4,051
  4,295
  4,550
  4,815
  5,092
  5,381
  5,683
  5,999
  6,328
  6,673
  7,033
EBITDA, $m
  926
  1,043
  1,167
  1,298
  1,435
  1,579
  1,730
  1,886
  2,050
  2,220
  2,396
  2,580
  2,771
  2,970
  3,176
  3,390
  3,613
  3,845
  4,086
  4,338
  4,599
  4,872
  5,156
  5,453
  5,763
  6,086
  6,424
  6,777
  7,146
  7,532
Interest expense (income), $m
  0
  0
  8
  17
  26
  36
  46
  57
  68
  80
  92
  105
  118
  131
  146
  160
  176
  192
  208
  226
  244
  262
  282
  302
  323
  345
  368
  392
  418
  444
  471
Earnings before tax, $m
  864
  965
  1,072
  1,185
  1,304
  1,428
  1,558
  1,693
  1,834
  1,980
  2,133
  2,292
  2,456
  2,628
  2,805
  2,990
  3,182
  3,382
  3,590
  3,807
  4,033
  4,268
  4,513
  4,769
  5,036
  5,315
  5,606
  5,911
  6,229
  6,562
Tax expense, $m
  233
  261
  290
  320
  352
  386
  421
  457
  495
  535
  576
  619
  663
  709
  757
  807
  859
  913
  969
  1,028
  1,089
  1,152
  1,219
  1,288
  1,360
  1,435
  1,514
  1,596
  1,682
  1,772
Net income, $m
  631
  705
  783
  865
  952
  1,042
  1,137
  1,236
  1,339
  1,446
  1,557
  1,673
  1,793
  1,918
  2,048
  2,183
  2,323
  2,469
  2,621
  2,779
  2,944
  3,116
  3,295
  3,481
  3,676
  3,880
  4,093
  4,315
  4,547
  4,790

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,538
  3,986
  4,460
  4,959
  5,484
  6,033
  6,607
  7,206
  7,830
  8,480
  9,155
  9,857
  10,586
  11,344
  12,132
  12,951
  13,803
  14,688
  15,610
  16,570
  17,570
  18,612
  19,698
  20,831
  22,014
  23,249
  24,539
  25,887
  27,297
  28,771
Adjusted assets (=assets-cash), $m
  3,538
  3,986
  4,460
  4,959
  5,484
  6,033
  6,607
  7,206
  7,830
  8,480
  9,155
  9,857
  10,586
  11,344
  12,132
  12,951
  13,803
  14,688
  15,610
  16,570
  17,570
  18,612
  19,698
  20,831
  22,014
  23,249
  24,539
  25,887
  27,297
  28,771
Revenue / Adjusted assets
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
  2.220
Average production assets, $m
  613
  690
  772
  859
  950
  1,045
  1,144
  1,248
  1,356
  1,468
  1,585
  1,707
  1,833
  1,964
  2,101
  2,243
  2,390
  2,543
  2,703
  2,869
  3,042
  3,223
  3,411
  3,607
  3,812
  4,026
  4,249
  4,483
  4,727
  4,982
Working capital, $m
  -982
  -1,106
  -1,238
  -1,376
  -1,522
  -1,674
  -1,834
  -2,000
  -2,173
  -2,353
  -2,540
  -2,735
  -2,938
  -3,148
  -3,367
  -3,594
  -3,830
  -4,076
  -4,332
  -4,598
  -4,876
  -5,165
  -5,466
  -5,781
  -6,109
  -6,452
  -6,810
  -7,184
  -7,575
  -7,984
Total debt, $m
  152
  314
  485
  665
  855
  1,053
  1,260
  1,476
  1,702
  1,936
  2,180
  2,433
  2,697
  2,970
  3,255
  3,550
  3,858
  4,178
  4,510
  4,857
  5,218
  5,594
  5,986
  6,395
  6,822
  7,268
  7,734
  8,220
  8,729
  9,261
Total liabilities, $m
  1,277
  1,439
  1,610
  1,790
  1,980
  2,178
  2,385
  2,601
  2,827
  3,061
  3,305
  3,558
  3,822
  4,095
  4,380
  4,675
  4,983
  5,303
  5,635
  5,982
  6,343
  6,719
  7,111
  7,520
  7,947
  8,393
  8,859
  9,345
  9,854
  10,386
Total equity, $m
  2,261
  2,547
  2,850
  3,169
  3,504
  3,855
  4,222
  4,605
  5,004
  5,418
  5,850
  6,299
  6,765
  7,249
  7,752
  8,276
  8,820
  9,386
  9,975
  10,588
  11,227
  11,893
  12,587
  13,311
  14,067
  14,856
  15,681
  16,542
  17,443
  18,385
Total liabilities and equity, $m
  3,538
  3,986
  4,460
  4,959
  5,484
  6,033
  6,607
  7,206
  7,831
  8,479
  9,155
  9,857
  10,587
  11,344
  12,132
  12,951
  13,803
  14,689
  15,610
  16,570
  17,570
  18,612
  19,698
  20,831
  22,014
  23,249
  24,540
  25,887
  27,297
  28,771
Debt-to-equity ratio
  0.070
  0.120
  0.170
  0.210
  0.240
  0.270
  0.300
  0.320
  0.340
  0.360
  0.370
  0.390
  0.400
  0.410
  0.420
  0.430
  0.440
  0.450
  0.450
  0.460
  0.460
  0.470
  0.480
  0.480
  0.480
  0.490
  0.490
  0.500
  0.500
  0.500
Adjusted equity ratio
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639
  0.639

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  631
  705
  783
  865
  952
  1,042
  1,137
  1,236
  1,339
  1,446
  1,557
  1,673
  1,793
  1,918
  2,048
  2,183
  2,323
  2,469
  2,621
  2,779
  2,944
  3,116
  3,295
  3,481
  3,676
  3,880
  4,093
  4,315
  4,547
  4,790
Depreciation, amort., depletion, $m
  62
  70
  78
  87
  96
  105
  115
  126
  136
  148
  159
  171
  183
  196
  210
  224
  239
  254
  270
  287
  304
  322
  341
  361
  381
  403
  425
  448
  473
  498
Funds from operations, $m
  693
  775
  861
  952
  1,048
  1,148
  1,252
  1,361
  1,475
  1,593
  1,716
  1,844
  1,977
  2,115
  2,258
  2,407
  2,562
  2,723
  2,891
  3,066
  3,248
  3,438
  3,636
  3,842
  4,058
  4,283
  4,518
  4,763
  5,020
  5,288
Change in working capital, $m
  -117
  -124
  -131
  -139
  -146
  -152
  -159
  -166
  -173
  -180
  -187
  -195
  -202
  -210
  -219
  -227
  -236
  -246
  -256
  -266
  -277
  -289
  -301
  -314
  -328
  -343
  -358
  -374
  -391
  -409
Cash from operations, $m
  810
  899
  992
  1,091
  1,193
  1,300
  1,412
  1,528
  1,648
  1,773
  1,903
  2,039
  2,179
  2,325
  2,477
  2,634
  2,798
  2,969
  3,147
  3,332
  3,526
  3,727
  3,937
  4,157
  4,386
  4,625
  4,876
  5,137
  5,411
  5,697
Maintenance CAPEX, $m
  -54
  -61
  -69
  -77
  -86
  -95
  -104
  -114
  -125
  -136
  -147
  -159
  -171
  -183
  -196
  -210
  -224
  -239
  -254
  -270
  -287
  -304
  -322
  -341
  -361
  -381
  -403
  -425
  -448
  -473
New CAPEX, $m
  -74
  -78
  -82
  -86
  -91
  -95
  -99
  -104
  -108
  -112
  -117
  -122
  -126
  -131
  -136
  -142
  -147
  -153
  -160
  -166
  -173
  -180
  -188
  -196
  -205
  -214
  -223
  -233
  -244
  -255
Cash from investing activities, $m
  -128
  -139
  -151
  -163
  -177
  -190
  -203
  -218
  -233
  -248
  -264
  -281
  -297
  -314
  -332
  -352
  -371
  -392
  -414
  -436
  -460
  -484
  -510
  -537
  -566
  -595
  -626
  -658
  -692
  -728
Free cash flow, $m
  682
  760
  841
  927
  1,016
  1,110
  1,208
  1,309
  1,415
  1,525
  1,640
  1,758
  1,882
  2,010
  2,144
  2,282
  2,427
  2,577
  2,733
  2,896
  3,066
  3,242
  3,427
  3,619
  3,820
  4,030
  4,250
  4,479
  4,719
  4,970
Issuance/(repayment) of debt, $m
  152
  162
  171
  180
  189
  198
  207
  216
  225
  234
  244
  253
  263
  274
  284
  296
  307
  320
  333
  346
  361
  376
  392
  409
  427
  446
  466
  487
  509
  532
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  152
  162
  171
  180
  189
  198
  207
  216
  225
  234
  244
  253
  263
  274
  284
  296
  307
  320
  333
  346
  361
  376
  392
  409
  427
  446
  466
  487
  509
  532
Total cash flow (excl. dividends), $m
  834
  922
  1,012
  1,107
  1,206
  1,308
  1,415
  1,526
  1,641
  1,760
  1,883
  2,012
  2,145
  2,284
  2,428
  2,578
  2,734
  2,897
  3,066
  3,242
  3,426
  3,618
  3,819
  4,028
  4,247
  4,476
  4,715
  4,966
  5,228
  5,502
Retained Cash Flow (-), $m
  -269
  -286
  -303
  -319
  -335
  -351
  -367
  -383
  -399
  -415
  -432
  -449
  -466
  -484
  -503
  -523
  -544
  -566
  -589
  -613
  -639
  -666
  -694
  -724
  -756
  -789
  -824
  -862
  -901
  -942
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  48
  55
  62
  69
  77
  85
  94
  103
  112
  122
  132
  142
  153
  165
  176
  189
  201
  214
  228
  243
  257
  273
  289
  306
  324
  342
  361
  381
  402
  424
Cash available for distribution, $m
  565
  636
  710
  788
  871
  957
  1,048
  1,143
  1,242
  1,345
  1,452
  1,563
  1,679
  1,800
  1,925
  2,055
  2,190
  2,331
  2,477
  2,629
  2,788
  2,953
  3,125
  3,304
  3,491
  3,687
  3,891
  4,104
  4,327
  4,560
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  542
  582
  618
  649
  675
  695
  708
  714
  713
  705
  689
  667
  638
  604
  565
  522
  477
  429
  381
  334
  288
  245
  205
  168
  136
  108
  84
  63
  47
  34
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Expeditors International of Washington, Inc. is a logistics company. The Company is a third-party logistics provider, and purchases cargo space from carriers, including airlines and ocean shipping lines on a volume basis and resells that space to its customers. The Company provides a range of customer solutions, such as order management, time-definite transportation, warehousing and distribution, temperature-controlled transit, cargo insurance and customized logistics solutions. In addition, the Company's Project Cargo unit handles special project shipments that move through a single method or combination of air, ocean, and/or ground transportation. The Company's services include airfreight services, ocean freight and ocean services, and customs brokerage and other services. The Company operates along five geographic areas: the Americas; North Asia; South Asia; Europe, and the Middle East, Africa and India.

FINANCIAL RATIOS  of  Expeditors International of Washington (EXPD)

Valuation Ratios
P/E Ratio 30
Price to Sales 2.1
Price to Book 7
Price to Tangible Book
Price to Cash Flow 24.5
Price to Free Cash Flow 27.6
Growth Rates
Sales Growth Rate -7.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 34.1%
Cap. Spend. - 3 Yr. Gr. Rate 2.2%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 16.1%
Ret/ On Assets - 3 Yr. Avg. 15.2%
Return On Total Capital 24.4%
Ret/ On T. Cap. - 3 Yr. Avg. 23%
Return On Equity 24.4%
Return On Equity - 3 Yr. Avg. 23%
Asset Turnover 2.3
Profitability Ratios
Gross Margin 35.5%
Gross Margin - 3 Yr. Avg. 32.9%
EBITDA Margin 12%
EBITDA Margin - 3 Yr. Avg. 11.3%
Operating Margin 11%
Oper. Margin - 3 Yr. Avg. 10.3%
Pre-Tax Margin 11.3%
Pre-Tax Margin - 3 Yr. Avg. 10.6%
Net Profit Margin 7.1%
Net Profit Margin - 3 Yr. Avg. 6.6%
Effective Tax Rate 37%
Eff/ Tax Rate - 3 Yr. Avg. 37.5%
Payout Ratio 33.6%

EXPD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EXPD stock intrinsic value calculation we used $6921 million for the last fiscal year's total revenue generated by Expeditors International of Washington. The default revenue input number comes from 2017 income statement of Expeditors International of Washington. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our EXPD stock valuation model: a) initial revenue growth rate of 13.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for EXPD is calculated based on our internal credit rating of Expeditors International of Washington, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Expeditors International of Washington.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of EXPD stock the variable cost ratio is equal to 89%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for EXPD stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Expeditors International of Washington.

Corporate tax rate of 27% is the nominal tax rate for Expeditors International of Washington. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the EXPD stock is equal to 0.7%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for EXPD are equal to 7.8%.

Life of production assets of 10 years is the average useful life of capital assets used in Expeditors International of Washington operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for EXPD is equal to -12.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1992 million for Expeditors International of Washington - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 179 million for Expeditors International of Washington is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Expeditors International of Washington at the current share price and the inputted number of shares is $12.9 billion.

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COMPANY NEWS

▶ Stocks Gain As Record Highs Loom; Top Growth Stock Breaks Out   [10:19AM  Investor's Business Daily]
▶ Expeditors International: 2Q Earnings Snapshot   [08:38AM  Associated Press]
▶ Which Stocks Are The Best Mutual Funds Buying? Here's Their Shopping List   [Aug-03-18 04:10PM  Investor's Business Daily]
▶ 5 Stocks to Buy at 52-Week Highs as Markets Rally   [Jun-14-18 04:45PM  InvestorPlace]
▶ Expeditors Announces Semi-Annual Cash Dividend of $0.45   [May-09-18 08:30AM  GlobeNewswire]
▶ Expeditors International: 1Q Earnings Snapshot   [08:53AM  Associated Press]
▶ Expeditors International posts 4Q profit   [08:43AM  Associated Press]
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