Landstar’s Second-Quarter Earnings Jump 40%
Truckload carrier Landstar System’s second-quarter earnings per share rose 40%, on a stronger freight environment.
Net income increased to $24.4 million, or 49 cents a share, from $17.9 million, or 35 cents, a year ago.
Revenue for the quarter ended June 27 rose 31% to $641.7 million, the company said late Wednesday.
Landstar had previously forecast its second-quarter revenue would rise by 20% and that its profit would be 44 to 49 cents per share.
Truck transportation loads hauled by business capacity owners and truck brokerage carriers were the highest in any quarter of any year in the company’s history, said Landstar Chairman and Chief Executive Officer Henry Gerkens.
“The overall freight environment continues to be strong [and] recent trends in June and July indicate that both the revenue per load and the number of loads hauled remain strong compared to the corresponding prior year periods,” he said in a statement.
Third-quarter revenue will increase by 25% to 33% from a year earlier, while earnings per share will be 47 to 52 cents, he said.
Landstar System is ranked No. 13 on the Transport Topics 100 listing of U.S. and Canadian for-hire carriers.
