Expeditors International saw profits fall 11% in the first quarter to US$59.3m, as revenues fell 30% year-on-year to $912.7m.
Peter Rose, CEO of the Seattle-based logistics firm, said a March rush had not materialised as expected, but that air freight had performed well on the spot market.
"We obviously would have liked to have reported higher quarterly earnings," he said.
"However, we saw no long-term benefit in resorting to short-term measures, like employee lay-offs or other actions, which could severely damage the value of our network by compromising our customer service capability."
