Landstar’s 1Q Profit Improves on Higher Freight Demand
Landstar System said Thursday its first-quarter earnings rose and that pricing has continued to improve into the second quarter.
The truckload carrier’s net income rose to $20.6 million, or 43 cents a share, from $17.2 million, or 34 cents, a year earlier.
Revenue for the quarter ended March 26 rose to $572 million, from $548.1 million a year ago.
Based on higher freight trends, the company’s second-quarter earnings will be in a range of 56 to 61 cents per share, Chairman and CEO Henry Gerkens said in a statement.
Truckload pricing has continued to increase from the first quarter, Gerkens said, adding that he “anticipates that trend to continue throughout the second quarter as freight demand increases.”
Landstar System is ranked No. 11 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
