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SEATTLE - Freight forwarder and logistics company Expeditors International of Washington Inc. said on Tuesday that its third-quarter profit dropped 33 percent as freight haulers raised prices even as demand remained weak.
The company said it earned $57.8 million, or 27 cents per share, during the quarter that ended Sept. 30, down from $85.6 million, or 39 cents per share, during the same period last year. Revenue fell 34 percent to $1.04 billion, from $1.56 billion a year earlier.
The company said it was hurt by freight carriers who cut capacity and imposed "very aggressive price increases."
"Market conditions required that we absorb these increases for several weeks as we worked with customers to raise rates in a commercially acceptable manner," said Chairman and CEO Peter J. Rose.
He said year-over-year declines in freight volumes in September dropped less than in previous months, with airfreight tonnage down 6 percent, and container counts fell 17 percent.
Expeditors shares fell $1.25, or 3.7 percent, to $32.19 in afternoon trading.
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