Landstar Profit Jumps on Record Revenue
Landstar System reported record second-quarter net income of $62.5 million, or $1.51 a share, a rise of 67% from $37.5 million, and 89 cents per share, in the same period a year ago.
Jacksonville, Fla.-based Landstar reported record quarterly revenue of nearly $1.2 billion, a 36% increase from $870.4 million in the year-ago period.
Landstar is an asset-light provider of transportation management services that contracts owner-operators and other carriers to haul freight. It also provides intermodal and ocean and air cargo freight hauling, along with a variety of 3PL services.
The total number of loads carried was 548,000, an 11.4% rise from 491,850 a year ago. Truck transportation accounted for 97% of loads, intermodal for 2.5% and ocean and air cargo for the remainder.
Independent owner-operators provided 45% of capacity, and brokerage carriers provided 49%. The remaining capacity included 3% from intermodal, 2% ocean and air cargo and 1% other.
Landstar saw “a 13% increase in the number of loads hauled via van equipment, an 8% increase in the number of loads hauled via unsided/platform equipment and an 8% increase in less-than-truckload volume,” CEO Jim Gattoni said.
Revenue per loads hauled by truck rose 22% from a year ago, he said.
Landstar ranks No. 10 on the Transport Topics list of the Top 100 largest for-hire carriers in North America.
