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http://finance.yahoo.com/news/finding-stability-amid-europe-...
Finding Stability Amid Europe Woes, By Jeremy Glaser, Morningstar – May 13

Expeditors International of Washington is the performance leader among non-asset-based freight-forwarding and third-party logistics, or 3PL, providers. Investors seeking exposure to the growing international shipping market will be hard-pressed to find a more profitable, long-run-focused firm. Expeditors holds a mountain of cash, owes no debt, and produces strong cash flows while deploying nearly no assets. We believe Expeditors' record of steady growth, high margins, and high returns on invested capital supports a wide economic moat that will deliver the goods to shareholders for years to come. Expeditors' only unlovable trait is its normally rich valuation. (trailing P/E multiples often hover in the mid-30 times range). In our opinion, investors' interest should be piqued when the market is pricing in gloomy near-term demand.

Investor Relations: http://investor.expeditors.com/Index.asp
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