Landstar’s 2Q Income Declines
Truckload carrier Landstar System said late Wednesday its second-quarter net income fell to $17.9 million, or 35 cents a share, from $29.8 million, or 56 cents, a year ago.
Revenue fell to $491.2 million, from last year’s comparable $697.7 million, for the quarter ended June 27.
The company’s revenue “continued to be negatively impacted by the severe recession in the domestic and global economies,” said Landstar Chief Executive Officer Henry Gerkens said in a statement.
“As was the case in the 2009 first quarter, revenue declines were experienced in just about every sector, including revenue generated from the U.S. Department of Defense. As anticipated, significant revenue declines occurred in the automotive sector and in our substitute line haul service offering,” he said.
Loads fell 16% from the same quarter a year ago, compared with a 17% year-to-year decline in the first quarter, Landstar said.
Landstar System is ranked No. 13 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
