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Globe and Mail
6 days ago
- Business
- Globe and Mail
Expeditors Appoints David A. Hackett as CFO
Expeditors International of Washington, Inc. (NYSE: EXPD) announced the appointment of David A. Hackett on August 4, 2025, as Senior Vice President and Chief Financial Officer, effective October 1, 2025. Hackett has served as Vice President, Finance, since May 2024. On August 4, 2025, Expeditors' current Senior Vice President and Chief Financial Officer, Bradley S. Powell, notified the Board of Directors of his intention to retire, effective September 30, 2025. These announcements demonstrate the company's commitment to succession planning. 'Dave has fully integrated himself into our finance and accounting operations and fits seamlessly with our culture, having worked closely with Brad to learn our services, business model and strategies since joining Expeditors as Vice President of Finance in May 2024,' said Daniel R. Wall, President and Chief Executive Officer. 'Dave also worked directly with our other executives and the Board and traveled to many Districts throughout our global network to learn our operations at the field level and meet with a great many employees. With his wealth of financial capabilities and demonstrated leadership, we are fully confident in Dave's ability to step in as CFO.' Wall added, 'I can't thank Brad enough for his strong hand in overseeing our financial health and growth. Brad built a strong team around him and managed through some of the most difficult events in our company's history, including the 2008 financial crisis and the COVID-19 pandemic. Through it all, Brad has brought unflappable leadership and strategic thinking to the role of Chief Financial Officer. At least as significantly, Brad brought us his unrelenting focus on investing in our people, profitability, and cash flow. Over the past 17 years under Brad, Expeditors has increased its dividend from $0.32 to $1.54 and has returned a total of $12 billion to shareholders through share repurchases and dividends. We all wish Brad the best in a well-deserved retirement.' Upon his appointment, Hackett commented, 'The Expeditors culture is unique, and I appreciate getting to know so many people throughout the organization. I'm humbled and honored to build on Brad's legacy in leading the finance and accounting function as part of the executive team of this great company. I'm also excited to help shape strategy that drives sustainable, profitable, and capital-efficient growth for our employees and shareholders.' Dave Hackett, 52, joined Expeditors in May 2024 as Vice President, Finance. Prior to Expeditors, Hackett served in many roles across finance at NIKE, Inc. for nearly 16 years, with 7 of these years as a vice president in the finance and strategy function as part of the NIKE Corporate Leadership Team. During his time at NIKE, he led external reporting, was Controller of North America and Vice President of Global Treasury and Financial Risk Management. Prior to NIKE, Hackett spent nearly 9 years in the audit function of KPMG where he was a senior manager and led the audit teams for some of the firm's largest public clients in the Pacific Northwest. He also obtained his CPA certification in the state of Oregon in 1998. Expeditors is a global logistics company headquartered in Bellevue, Washington. The Company employs trained professionals in 172 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.
Yahoo
06-05-2025
- Business
- Yahoo
Market chaos boosts Expeditors; all key indicators post solid Q1 gains
Expeditors International may end up being a rare transportation company that found the chaos of the first quarter beneficial. All of the key financial indicators for Expeditors were solidly higher. The formula for its better bottom-line performance: Revenues were up 21%, the cost of purchased transportation and related expenses was up more at 24%, but salaries and other operating expenses rose just 12%. That led to an increase in operating income of 24%, to $265.9 million from $214.8 million a year earlier. Net earnings were up 20%, to $203.8 million from $169.2 million. Net income per diluted share rose to $1.47 from $1.17 a year earlier. According to SeekingAlpha, the performance beat consensus forecasts. The $1.47-per-share net income was 12 cents better than the consensus. Revenue of $2.67 billion was $130 million more than forecast. Head count increased to 19,203 from 18,403, a jump of 4.3%. In the company's prepared statement accompanying its earnings, CFO Bradley Powell said, 'We were again careful not to increase headcount ahead of our ability to grow tonnage and volumes and increase profitability.' First stock market reaction: down Despite beating the consensus forecasts, Expeditors stock was down about 3.6% in the first half-hour of trading Tuesday. Its stock is down about 9.2% in the past year. Expeditors (NYSE: EXPD) does not hold an earnings call with analysts. The tonnage moved by Expeditors showed significant gains year over year, possibly as a result of 'pull-forward' imports to get in front of tariffs. The largest jump was for airfreight in March, which was up 15% year over year from the first quarter of 2024. Ocean freight in January was the second-largest increase, up 10% from 2024's corresponding quarter. Every other year-on-year gain for both airfreight and ocean freight was between 5% and 8%. The overall increase for the quarter was 9% for airfreight and 8% for ocean freight. A frenzy In its prepared earnings statement, CEO and President Daniel Wall said current conditions, which he described as a 'frenzied landscape of tariffs, threats of tariffs, shifting geopolitics, and other disruptions,' were the types of conditions that Expeditors often has found positive for its business in the past. But he added, 'I am not sure any of us have ever seen anything like the non-stop, rapidly shifting rules and regulations that have impacted our industry in recent days.' Wall highlighted some of the features of the markets Expeditors worked in during the quarter. 'Airfreight increased on higher buy and sell rates and growth in tonnage from strong demand, primarily in technology, as importers front-loaded shipments in anticipation of higher trade tariffs,' Wall said. 'Air capacity remained tight due to e‑commerce export demand from North Asia and ongoing re-sourcing to South Asia and India.'
