Expeditors International capped the freight forwarders’ 2Q earnings season with a 17% rise in revenues that was 1% point better than analysts’ expectations. That was due to strong airfreight and brokerage performances and was well ahead of the sector average 13% growth – the outliers have been Ceva and DSV at 8% and 3% respectively.

Profitability growth was slower, however, with EBITDA rising 9% but lagging analysts’ estimates. That was likely due to weaker ocean freight profitability than hoped and joins UPS as the only underperformers. The forwarders’ overall did better than exp...