Barron's Article Comments on Expeditors International (EXPD); Sees Stock Gaining Ground on Strong Earnings Growth
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Barron's article comments on Expeditors International (Nasdaq: EXPD).
Positive highlights include:
1) Expeditors is a global leader in shipping logistics -- buying/reselling bulk cargo space on ships & planes.
2) Company will benefit from recovery of the global economy.
3) EXPD is known for its smart use of technology, providing customs services, inventory management, cargo insurance and more.
4) Very strong balance sheet - no debt and $916 million in cash vs. several competitors with heavy debt loads.
5) Expeditors' marketshare in freight has risen to 4% from 3% in recent years.
6) As demand picks up (from growth in overall world economy) EXPD will be able to process higher volumes without higher costs (since the company avoided layoffs during recent downturn)
7) Expeditors has array of large customers including Nike (NYSE: NKE) Cisco Systems (Nasdaq: CSCO), Gap (NYSE: GPS), Kohler, Target (NYSE: TGT), Toyota Motor (NYSE: TM) and Wal-Mart (NYSE: WMT).
8) Lateef Investment analyst says EXPD's earnings closely track global economic growth, which is expected to rise 2.5% in 2010.
9) Thompson Davis analyst sees EXPD's growth at 3 times global growth in GDP (if avg is 4%)
10) CEO Rose says compound annual profit growth of 10% to 15% is sustainable, but one analyst thinks that estimate is cautious.
Negative highlights include:
1) Shares are not cheap - approx. $33, nearly 26 times the consensus earnings estimate for 2010, $1.26 a share.
Expeditors International of Washington, Inc. provides logistics services in the United States and internationally.
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