Expeditors International of Washington Inc. EXPD reported Tuesday first-quarter profit that topped expectations but revenue that fell well short, as the logistics company’s business continued to be hurt by soft demand and “significantly” lower buy and sell rates. The stock was still inactive in premarket trading. Net income fell to $226.0 million, or $1.45 a share, from $346.1 million, or $2.05 a share, in the year-ago period. The FactSet consensus for earnings per share was $1.33. Revenue dropped 44.4% to $2.59 billion, below the FactSet consensus of $2.95 billion. Airfreight services revenue declined 43.4% to $904.9…