Expeditors International continued a strong run of 4Q revenues from the freight forwarders with a 16% rise on a year earlier. That was 6% points better than expected, echoing results from CH Robinson and XPO. Stronger air freight volumes were a likely driver as ocean volumes only increased by 1%. The latter likely reflects a discipline with regards to market share that was reflected in profitability too. While the company’s EBITDA margin was only the same as a year earlier at 11.2%, that compared to 10.7% expected and a decline seen across the sector. Both UPS and CH Robinson saw faster ...