Landstar’s First-Quarter Income Declines
Truckload carrier Landstar System said its first-quarter net income fell to $13.9 million, or 27 cents a share, from $23.7 million, or 45 cents, a year ago.
Revenue for the quarter ended March 28 fell to $469.2 million, from $608.8 million a year ago, the company said late Wednesday.
Loads hauled in the quarter were about 17% below those hauled a year ago, Chief Executive Officer Henry Gerkens said.
Although there were “some encouraging signs” in the economy, “there is still much uncertainty” and that Landstar would not provide second-quarter earnings and revenue guidance, he said in a statement.
Landstar System is ranked No. 11 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
