Expeditors international of Washington Inc. ExpPD, -4.89% announced Tuesday a first-quarter profit which exceeded expectations, but revenue that was well below expectations, as the logistics firm’s business continued being hurt by soft demand, and “significantly lower” buy and sell rates. Stock was inactive during premarket trading. The net income dropped to $226.0 millions, or $1.45 per share, from $346.1millions, or $2.05 per share, during the previous period. FactSet’s consensus estimate for earnings per share is $1.33. The revenue fell 44.4%, to $2.59 Billion. This was below the FactSet consensus estimate of $2.95 Billion. Airfreight Services revenue fell 43.4% to $904.9 million. Ocean Freight and Service revenue dropped 64.7% to $697.3 million. Customers brokerage revenue decreased 9.1% to $990.4million. Jeffrey Musser, Chief Executive Officer of the company, said that the economic challenges had continued to affect all businesses in the first quarter. As supply chains normalized, the average sell rates for air dropped ahead of the declining buy rates and tonnage declined.