Landstar’s 4Q Income Slips
Truckload carrier Landstar System’s fourth-quarter profit fell to $24.6 million, or 47 cents a share, from $29 million, or 54 cents, a year ago.
Revenue for the quarter ended Dec. 27 fell to $603.8 million, from $642.9 million, the company said late Wednesday.
Revenue “was significantly impacted by lower freight demand related to the severe downturn in the domestic and global economies,” Chief Executive Officer Henry Gerkens said in a statement.
Net income for the fiscal year was $110.9 million, or $2.10 per share, compared with $109.7 million, or $1.99, in fiscal 2007. Revenue rose to $2.643 billion, from $2.487 billion.
Landstar System is ranked No. 11 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
