Expeditors to refine strategic assessment during 2014's second half
During the rest of the year, the company will make it a priority to "refine and implement the tactical plans supporting the outcome of our strategic assessment," according to Expeditors President and Chief Executive Officer Jeffrey Musser.
"We will also continue to focus on customer service, market share expansion and opportunities to leverage operating efficiencies,” Musser continued. “The assessment process will necessitate a reallocation of resources. This will require us to focus very carefully on optimizing existing resources to internally fund our strategic objectives without requiring excessive additions to overall headcount."
During the quarter, Expeditors saw ocean freight volumes rise by 12 percent, year-over-year, and airfreight activity increased by 6 percent. According to Musser, this activity was solid enough for the company to expand air and ocean market share, despite what he called challenging pricing volatility. He added that growth in customs brokerage and the firm's other services product also helped increase revenues.
Expansion in Europe also added to the company's bottom line, making up for "weaker" growth in the Americas and declining results in the Asia-Pacific region, he said.