Landstar’s 3Q Profit, Revenue Rise
Truckload carrier Landstar System said late Wednesday its third-quarter profit rose to $32.8 million, or 62 cents a share, from $29.3 million, or 54 cents, a year ago.
Revenue for the quarter ended Sept. 27 rose 15% to $733 million, the company said in a statement. The company’s earnings exceeded its earlier forecast of 54 to 60 cents per share.
Revenue and earnings per share were the highest for a third quarter in the company's history, Chief Executive Officer Henry Gerkens said in a statement.
Gerkens said the company said reduced freight demand in the latter part of the quarter, a trend that continued into October.
“Based upon the current uncertain economic outlook, I don’t foresee that trend reversing in the fourth quarter,” he said, adding that he expects earnings per share for the fourth quarter to be similar to that reported in last year’s fourth quarter, in which it earned $29 million, or 54 cents a share.
Landstar System is ranked No. 11 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
